20 Essential Questions to Ask When Buying Life Insurance

Choosing the right life insurance policy is a crucial decision that can significantly impact your family's financial future. To help you navigate this important process, we've compiled a list of 20 essential questions you should ask when considering a life insurance policy. By asking these questions, you'll be better equipped to make an informed decision that aligns with your needs and goals.

Coverage and Policy Details

1. What type of life insurance policy is this?

Understanding the type of policy you're considering is crucial. At Everdays, we specialize in whole life insurance, which offers lifelong coverage and builds cash value over time.

2. How much coverage do I need?

Determining the right amount of coverage depends on your individual circumstances, including your income, debts, and family's future needs.

3. How long does the coverage last?

With whole life insurance from Everdays, your coverage lasts for your entire lifetime, providing peace of mind and financial security for your loved ones.

4. Are there any exclusions or limitations to the coverage?

It's important to understand any circumstances under which the policy may not pay out. Be sure to review the policy details carefully.

Premiums and Costs

5. How much are the premiums, and how often do I need to pay them?

Understanding your premium obligations is crucial for budgeting. Everdays offers competitive rates with flexible payment options to suit your needs.

6. Are the premiums guaranteed to stay the same?

With whole life insurance from Everdays, your premiums are typically fixed, providing predictability for your long-term financial planning.

7. Are there any additional fees or charges?

Be sure to ask about any fees beyond the premium to get a full picture of the policy's cost.

Make a plan

First Name

Last Name

Email

Phone

START PLANNING

Simplify your end-of-life expense planning by providing a unique permanent whole life insurance solution that combines affordable coverage with powerful planning software. Get started today in just minutes.

Policy Benefits and Features

8. Does the policy build cash value?

Whole life insurance policies, like those offered by Everdays, accumulate cash value over time, which can be a valuable financial asset.

9. Can I borrow against the policy?

Many whole life policies allow you to borrow against the cash value, providing financial flexibility when you need it.

10. Are there any living benefits?

Some policies offer benefits you can access while still alive, such as accelerated death benefits for terminal illnesses.

Underwriting and Eligibility

11. What information do I need to provide for the application?

Understanding the application process helps you prepare the necessary information for a smooth experience.

12. Is a medical exam required?

Some policies may require a medical exam, while others offer simplified underwriting. Everdays strives to make the process as convenient as possible.

13. How does my health affect my eligibility and premiums?

Your health status can impact your eligibility and the cost of your policy. It's important to be honest and thorough in your application.

Policy Management and Flexibility

14. Can I change my coverage amount in the future?

Understanding the flexibility to adjust your coverage as your needs change is important for long-term planning.

15. What happens if I miss a premium payment?

Knowing the grace periods and consequences of missed payments helps you maintain your coverage effectively.

16. Can I cancel the policy, and are there any penalties?

Understanding your options if your needs change is crucial. Whole life policies often have cash surrender values if you decide to cancel.

Claims and Payouts

17. How does the claims process work?

Knowing how your beneficiaries can file a claim ensures a smoother process during a difficult time. Everdays is committed to a straightforward and compassionate claims process.

18. How quickly are claims typically paid out?

Understanding the timeline for benefit payouts helps in planning for immediate expenses your family may face.

Company and Policy Stability

19. What is the financial strength rating of the insurance company?

A company's financial strength is indicative of its ability to pay claims in the long term. Everdays partners with highly-rated insurers to provide reliable coverage.

20. How long has the company been in business?

Experience in the industry can be a good indicator of stability and reliability. While Everdays brings innovative solutions to life insurance, we work with established industry partners to ensure your policy's security.

Conclusion

Asking these 20 questions will help you make an informed decision when purchasing life insurance. At Everdays, we believe in transparency and are committed to helping you understand every aspect of your policy. Our whole life insurance solutions are designed to provide comprehensive coverage, financial flexibility, and peace of mind for you and your loved ones.

Remember, the right life insurance policy is an essential part of your financial planning. By choosing a policy that aligns with your needs and goals, you're taking a crucial step in securing your family's financial future. Don't hesitate to reach out to our expert team at Everdays for personalized guidance on finding the perfect life insurance solution for you.