Getting the Coverage You Need: Essential Questions to Ask Your Insurance Agent
The world of life insurance can be daunting to consumers. Often insurance policies cover pages of information leading to confusion and uncertainty. There are, however, important questions you should be asking agents when looking for an insurance policy.
With years of experience providing coverage options to consumers, GE Insurance for Life will find the right policies for your circumstances. We are dedicated to helping our community by offering affordable insurance that will fit your needs.
Here we will discuss some of the essential things you should be discussing with your insurance agent:
What Is Your Company History?
An important question to ask a potential insurance agent is, “What can you tell me about yourself and your company?” Knowing the history of an insurance agency is vital when looking for a new policy. You want to make certain that you obtain a policy from a reputable agent experienced in providing insurance. It is also imperative to confirm your agent has the proper credentials to advise you on life insurance products in your state; GE Insurance for Life is licensed in Pennsylvania, New Jersey, Delaware, Florida, Maryland, and Washington D.C.
How Is My Insurance Need Determined?
Consumers often don’t realize there are two significant components for determining the amount of life insurance needed. The first is how much debt they have accumulated. A policy will need to at least cover the remaining debts of an individual after their passing. The second is how much money is required to continue supporting your family.
Insurance agencies often have advisors that evaluate the best policies for individual consumers. It is crucial to know how your need was determined and what analytics were used to make the aforementioned determination.
What Is the Cost of the Insurance Policy?
You must be aware of the cost incurred by starting a new insurance policy. There are many elements in determining, such as age, lifestyle habits, gender, and health. Most policies also require a physical performed by a medical doctor prior to coverage.
Other aspects of a consumer’s life are also now being taken into consideration by insurance companies before they will cover you. Companies are now using factors such as employment, extracurricular activities, and driving records to determine your policy cost.
Make sure you are aware of what will be needed to pay for a life insurance policy and what determined that cost.
Does the Policy Provide Living Benefits?
Many life insurance policies don’t just provide benefits at the time of the holder’s passing. It is crucial to know whether the policies under consideration also offer living benefits.
Living benefits can cover a range of services and payment options while a policyholder is still living. They can range from long-term care expenses to early disbursement of a policy if the consumer meets predetermined criteria such as terminal illness.
Knowing whether or not a policy provides living benefits is an essential factor to consider when shopping for life insurance.
What Happens If My Health Status Changes?
Finally, consumers should ask a prospective insurance agent what would happen if their health changes while covered under the policy.
More than likely, you will need to be medically evaluated before purchasing life insurance. If you have pre-existing conditions or certain lifestyle habits, you may not qualify for the best premiums on the policy. You should ask about the ability to undergo new medical underwriting after a specific period. You should also determine how an insurance company will handle circumstances where policyholder health declines and they would no longer qualify to renew the insurance.
All of these questions are relevant when shopping for life insurance. You should be fully aware of policy limitations and additional coverage options when acquiring the insurance. At GE Insurance for Life, we provide a broad range of insurance options to our clients. Our staff will work diligently to ensure you have a policy that meets your needs and can provide compensation to loved ones after your passing. For more information about our insurance offerings, including life, disability, and long-term care insurance, contact GE Insurance for Life today!
