INSURANCE AGENCY NETWORK Blog
Purchasing life insurance is not as simple as having the money and paying for it. The process entails a number of personal questions you don’t know how to ask. However, these are valid questions that may affect the coverage that you are getting along with your policy. Here are the answers to five of the questions that you may feel too awkward to ask your insurance agent about.
1. Does age really matter?
According to most insurance carriers, 70 or 75 is the cutoff age to buy term life insurance, which provides temporary coverage for a certain number of years. But, you can buy smaller whole life insurance policies to cover burial and other final expenses can be bought at almost any age.
2. How about my weight?
Contrary to popular belief, overweight individuals can still be insured for good rates. The important part is looking for the right companies for your situation. Apply for a coverage as soon as possible and ask your agent to adjust rates accordingly if you lose weight later.
3. I smoke very rarely. Am I qualified as a nonsmoker?
Most life insurance companies will classify you as a smoker even if you only smoke from time to time, but there are certain companies that are more lenient. Working with an experience independent agent will help you find the best rates from different companies depending on your smoking habits.
4. What About Marijuana?
You can qualify for non-smoker rates from some life insurance carriers if you use marijuana no more than twice a month. If you have a prescription for marijuana you may also qualify for non-smoker rates regardless of frequency. It’s best to be open with your insurance agent so they can work with your situation and find the best carrier for your needs.
5. Aside from my spouse, can I have someone else as my beneficiary?
The insurance policy owner has the sole right to designate the beneficiary. It doesn’t need to be your spouse.
Some community property states rule that your spouse may have the right to a share of the money if the life insurance policy was purchased with income earned during the marriage. It is best to talk to an estate lawyer how rules work in your area.
The list may have more, but the key is to be truthful and open. Insurance of the West keeps our clients as the first priority with affordable rates and comprehensive policies. To learn more about how we can help you please contact our agency at (425) 681-0996 or Click Here to request a free quote.