5 Frequently Asked Life Insurance Quote Questions

Commonly asked life insurance questions

Life Insurance Quote FAQs

The majority of consumers in Canada & all around the world use the Internet to find a life insurance quote. Thatโ€™s what makes them well-informed buyers, and companies that respond actively to the customers’ inquiries in a timely, most efficient manner usually win the business. .

When you’re looking for life insurance quotes online, you might have a lot of questions pop into your mind. Here are 5 common life insurance quote questions & their answers to give you a brief idea.

1. Which health status should I choose?
Life insurance quotes are typically based on your health status. The healthier you are, the more likely you are to be assigned to the preferred or preferred plus health category. Healthy can be defined as being free of current or previous health conditions, having a normal height and weight, and having no family history of heart disease or cancer before the age of 65. Each Life Insurance Company has its own set of preferred and preferred plus health criteria. Inquire with your broker about which insurance company is best suited to your specific personal and family health history. You want the most competitive life insurance quote from the most reputable company.

2. How much insurance do people typically purchase?
Everyone's answer to this question is unique. It is determined by how much people actually require, so you must evaluate your family and financial situation to determine how much insurance to obtain.
However, if you have children or other people under your care, the recommended insurance is 10 times your salary. 

3. How long do most people want insurance for?
People typically want insurance for as long as they have children or other family members to care for until they are able to fend for themselves. You may have a mortgage that you are concerned about, and you do not want your family to be concerned about it as well. Match your life insurance quote to when your children graduate from college or when your mortgage is paid off. A whole life insurance quote would be required only for final expenses or estate planning purposes.
For example, with young children, a 20-year term plan may be appropriate, so that the children are covered until they are in their early twenties, through college or university, and will be able to care for themselves when you are not around anymore.

4. Will the life insurance quote I receive be my actual rate?
Your life insurance quote is an estimate, and you will receive a firm approval rate and offer once you apply (at no cost or obligation) and see the insurance nurse for a mini-physical (again at no-cost or obligation). An approval offer is usually made about 2-3 weeks after you see the insurance nurse.

5. Is it an obligation?
No. You can accept or decline the offer once the Insurance Company provides you with a firm approval rate. You are under no obligation to continue, and there is no cost if you do not.
If you believe another Insurance Company may offer a better rate, your Broker can have the results of the nurse's mini-physical forwarded to the second Insurance Company.

A-Kan Insurance is a commercial & personal insurance broking company based in Edmonton, Alberta, to help you choose the best insurance as per your need.

Contact us to know more

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