Life Insurance Questions

Questions to ask your life insurance adviser

Tips for taking out cover through a life insurance consultant.

Taking out life insurance cover is a very important step for most people, not least because this sort of insurance cover is designed to provide financial protection and peace of mind for their loved ones. With the right life insurance policy in place you can enjoy the peace of mind that, should the worst happen to you, your loved ones won't be left struggling financially.

In order to boost the chances of finding the right life insurance cover for your needs you need to take the time to work out what you want and need from your cover, such as the level of coverage that you require. You also need to be prepared to ask some questions before you take out your cover, so that you can be certain of getting the right life insurance policy at the right price. Asking the right questions before you sign on that dotted line can really boost your chances of finding the policy that will most benefit your loved ones, which means that you can enjoy greater peace of mind.

Tips for finding a financial planner

7 questions to ask your life insurance adviser

Buying life insurance cover can be something of a minefield because of all the choices available – this is where asking the right questions can prove invaluable. Some of the questions that you should ask your life insurance adviser before you sign up to a life insurance plan include:

  • How much insurance cover is needed? Everyone's needs will vary when it comes to the amount of coverage that is needed, as this will vary based on things such as your financial commitments, your family's lifestyle, etc. It is important to discuss this with your agent and to go through your financial needs and circumstances in order to determine how much cover will be necessary
  • What are the different types of cover? There are a number of different types of life insurance cover, such as term, whole life insurance, and universal. The benefits, features and costs of each can differ, so you need to ask your agent about the different types of policies, compare the benefits, and then discuss which one is most likely to be suited to your needs
  • Does the policy come with a conversion clause? Once you have decided on what sort of policy is suitable for you, it is worth checking with your insurance agent as to whether the policy contains a conversion clause, which would enable you to convert your renewable insurance policy into another type of policy without the needs to produce proof of insurability. You should ask about the benefits of conversion and check up to what age you can convert
  • What is the claims process? The claims procedures and policies can vary from one plan to another. It is well worth sitting with your insurance agent and asking about how the claims process works. Even if this is all detailed in the paperwork and policy, you can discuss the finer details of claiming with your agent, who will be able to provide you with a more indepth overview of the claims procedure
  • What sorts of discounts are available? If you want to keep your outgoings down and get as much value for money as possible on your cover, you should ask your insurance agent about any possible discounts that you might be eligible for. Whilst it may involve making a few small adjustments to your policy, it can be well worth asking this questions as you could cut the cost of your cover
  • What is not covered in the policy? It is also too easy to skim through the exclusions on your insurance policy and think that you know what is and is not covered. However, running through the exclusions with your insurance agent will provide greater clarity on what is not covered under the plan that you are considering taking, which can be very helpful to you in the future
  • When does the cover start? You should make sure you check with your insurance agent with regards to the exact date that your cover starts so you know when you are covered from. This is because there can be a delay between the time you sign up to the policy and the time your cover actually begins

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Compare Life insurance quotes from these direct brands

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™. Take out cover today and you could get a bonus $100 Gift Card.
Get a quote for up to $15 million in life insurance cover. Cover can be tailored to meet your personal needs.
Flexible cover options to suit your budget. New eligible customers can receive 25,000 Velocity Points. Ends 31 Aug 2018. Min monthly premium and T&Cs apply.
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

A simple life insurance product that can offer up to $1,500,000 in a lump sum payment on death or diagnosis of terminal illness.

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Maurice Thach

An insurance researcher and writer for who loves finding an answer to the question "Am I covered for ________?" Maurice has also completed a Tier 1 Life Insurance and a Tier 2 General Insurance Certification under ASIC's Regulatory Guide 146. This means he can confidently provide general advice for life insurance and non-life insurance products.

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