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Common Life Insurance Questions Answered

There are a lot of uncertainties associated with life Insurance, leaving many people scratching their heads when it comes to choosing a policy. Thankfully, this post is here to help! We have compiled the most commonly asked questions about life insurance, so that you can make a better informed decision about your policy.

What Does my Life Insurance Policy Cover?

Your life insurance policy will primarily be used to pay a lump sum to you or a beneficiary in the event of a terminal diagnosis, or if you pass away. Usually, the requirements for a terminal diagnosis are two specialists confirming the insured party has less than twelve months to live.

Who Benefits From my Policy?

You can outline who your beneficiary will be in the policy, so that they will receive the lump sum payment from the life insurance. This is usually a spouse, family member, friend or charity. The standard number of beneficiaries on a life insurance policy is anywhere from one to five people.

What is the Maximum Cover That I can Take out?

Generally speaking, there is no defined limit regarding the amount of cover that you can take out on life insurance. If you request above a certain amount of coverage, then you will be expected to justify this with financial evidence of your earnings.

Will my Policy Cover me if Something Happens Overseas?

Many life insurance policies will cover you if something happens while you are out of the country. With that said, there are a few instances where you might not be covered. For example, any countries that have been flagged as unsafe for tourism by the government might exclude your coverage.

Who Should Take Out Life Insurance?

Of course, any adult can take out a life insurance policy. However, there are some people that would really benefit from life insurance. Married individuals, people with mortgages or lots of loans as well as people looking to start a family have a lot to lose if something bad happens to them.

Will I be Denied Coverage Due to Past Illnesses?

Most comprehensive policies will stipulate that they cover pre-existing conditions, which includes heart disease and cancer. Insurers will always look at the coverage on a case-by-case basis,, so full disclosure of past illness is essential.

How Much Will my Policy Cost?

Life insurance policies do not have a standardised pricing structure – instead insurers look at a number of factors to judge the price of a policy. Some of these factors include age, gender, the level of cover required, occupation and any pre-existing medical conditions.


The post Common Life Insurance Questions Answered appeared first on Superhero Insurance.

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Common Life Insurance Questions Answered


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