Life Insurance FAQs

What kind of life insurance is right for me?

There are many kinds of life insurance policies on today's market, but they usually come down to two main types: permanent life insurance and term life insurance. The specific type that will be right for you depends on a few factors, like your financial goals and personal choices.

How big of a life insurance policy should I buy?

The majority of life insurance experts will recommend that individuals purchase a life insurance policy that will be from 10 to 20 times their annual salary. However, your current salary isn't the only element you need to consider when selecting life insurance. You will need to determine how much would be needed to cover funeral costs, as well as financial obligations like outstanding loans and mortgages.

Should my spouse get life insurance as well?

The majority of families will opt to get coverage for both partners, even if one of them isn't currently working. A family will often face significant financial strain after one parent dies. The surviving spouse may need to take a large amount of time off work to deal with the situation and may elect to switch to a job that would let them be more involved in their children's lives. This is why experts recommend that both spouses get life insurance, especially if you have children.

What determines my life insurance rate class?

Insurance companies use a variety of factors to determine what rate class you will fall into. Your overall health, use of tobacco, as well as the risks associated with your job and recreational activities you partake in (ex. mountain climbing or skydiving) will all have an impact on how much your life insurance will cost, as they increase the risk of loss to the insurance company.

On the other hand, if you don't smoke, are in good health, don't have a dangerous job and don't partake in risky activities, you can easily find affordable life insurance. Even some medical conditions like mild asthma or allergies will not have a detrimental impact on your insurance rate.

If I use tobacco, can I still get life insurance?

The short answer is yes. However, you should be aware of the fact that smokers pay more for life insurance than non-smokers. Some insurance companies may not charge you anything more if you only use some tobacco products, like chewing tobacco, on an occasional basis.

To get non-smoker rates, most insurance companies will require that you have ceased smoking for a period varying from one to three years.

Is it possible to get life insurance if I have serious health conditions?

You can definitely qualify for some form of life insurance, such as insurance that requires no medical exam. Keep in mind that this type of insurance will come with a higher cost than traditional term life insurance.

Now that you have answers tosome of life insurance’s most frequently asked questions, are you ready for your free quote? If so, get your quick, no-obligation quote now by filling out our simple online form. You could save up to 70% on your life insurance plan!