General Questions to Ask Your Insurance Agent Before Purchasing Life Insurance in Oakville

Life insurance is a crucial part of financial planning. It offers peace of mind that your loved ones are financially stable in case of emergencies. However, choosing the right life insurance policy in Burlington can be challenging with different options available. You need to ask your insurance agent some questions to make an informed decision. Let’s dive deeper into the blog below.


1. What types of life insurance policies are available?

Life insurance in Oakville comes in different forms like term life, whole life, and universal life. Term life insurance is usually more affordable and offers a limited period of coverage, while whole life and universal life insurance provide lifelong coverage with a cash value component. You need to talk to your agent to determine the one that suits your requirements.


2. What factors affect my premium?

Factors like age, health, lifestyle, and the type of coverage will affect the premium amount. Ask your agent to explain these elements and suggest some lifestyle changes like quitting smoking or losing weight to reduce premium amounts. 

 

3. What happens if I miss a premium payment?

You need to understand the consequences of missing a premium payment. Some policies offer a grace period to make payment while others may lapse immediately. Make sure to ask the agent to explain the terms and conditions of the policy, and whether reinstatement options are available if the policy lapses. This will help you purchase the best life insurance in Oakville.

 

4. What will be the claim process?

A life insurance policy is only as good as the company’s ability to pay claims. Ask the agent about the claim process, the required documents, and the time it will take to process the claim. 

 

5. Are there any exclusions or limitations?

Don’t miss out on understanding exclusions or limitations such as deaths due to specific activities or pre-existing conditions. Your agent must clarify these possibilities and explain the situations where the beneficiary might not receive the benefit.

 

6. What is the financial strength of the insurance company?

The financial strength of the insurance company is crucial to ensure it will meet obligations when claims arise. You can ask the agent about the ratings of the company. 

Want to secure your family’s future with the right life insurance in Oakville, Burlington & GTA areas? Your search ends with Eric Gruscyk Desjardins Insurance & Financial Services! You can count on us to get the best life insurance policy options within your budget. Call us today for more information.

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