5 Questions To Ask Before Getting A Life Insurance Policy

/ Life Insurance / May 13, 2022

Most individuals today use the internet to get a life insurance quote. And that is actually a good thing because it saves a lot of time and effort. But at the same time, you should also shop around websites to ensure you are getting the best value for your money.

When you are looking for a life insurance quote online, you should ask yourself a few questions. Here are a few of them as recommended by our Trust Life advisors.

  1. How much insurance should I buy?

There’s no universal answer to this question. It is different for everyone.

The answer is primarily dependent on how many dependents and financial liabilities you have. You will have to evaluate your family as well as your current financial situation to get a better idea on how much life insurance you should have.

Suggested reading to get the answer in detail: How much life Insurance coverage should I have?

  1. What should be the tenure of my life insurance?

People usually go for life insurance for as long as they have to take care of their kids or family members until they can fend for themselves.

Sometimes, there can be a mortgage in place. In such a case, you should have a life insurance policy covering the entire tenure of the mortgage.

Here’s a thumb rule to go for: match your life insurance tenure to when your kids finish university or till the mortgage is paid off. The best suggestion would obviously be to go for a permanent life insurance policy that can cover your entire life instead of a term life policy. But then, term life policies are more inexpensive in comparison to permanent policies.

Talk to our advisors to know what can be the best tenure for you, and whether you should go for term or permanent life insurance depending on your current financial situation, needs, goals and obligations.

  1. Should I purchase life insurance from a broker or directly from a company?

We would always recommend that you purchase life insurance from a licensed independent broker. That is simply because the broker will work for you, and not for the financial company.

The broker can assess your financial situation, needs and goals, and come up with the best set of life insurance plans custom-made for you and only you, thus, ensuring you are neither overinsured nor underinsured in any way.

Also, a licensed broker is a veteran and professional in the life insurance industry doing all that work for you at zero additional cost. So, always purchase life insurance from a broker to get the highest value for your money.

Recommended Read: The benefits of purchasing life insurance through a licensed life insurance broker

  1. What is the best time to get life insurance?

The best time is today!

Remember the younger you are, the cheaper it is. So do not wait on it. If you are in your late 20s, 30s or 40s, any time is a good time to go for life insurance.

  1. I want to get life insurance from Trust Life, is there any obligation?

No, there is no obligation to purchase life insurance from us even if you talk to us for a quote. We don’t charge any fees and you are free to decide whether you want to proceed with us or not even after we research and come up with the best plans for you.

So do not wait. Get in touch with our advisors today!