What 3 questions should one ask when deciding on life insurance?

Income: Take your salary and multiply by the number of years you think your family needs protection – or at least as long as you have children at home. Mortgage: Look at your last statement and get the payoff amount. Education: The anticipated cost for sending each of your children to college.

What not to say when applying for life insurance?

For example, applicants might lie about their age, income, weight, medical conditions, family medical history or occupation . It's also relatively common for applicants to lie about their alcohol or drug use.

What is the leading question in insurance?

For example, if you wanted clients to sign up for an insurance plan, you could craft a leading question like: “ When would you like to sign up for our insurance plan? ” The aforementioned question subtly prompts the client to decide on the insurance plan, which would most likely be in your favor.

What are the 3 most important insurance?

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have. Employer coverage is often the best option, but if that is unavailable, obtain quotes from several providers as many provide discounts if you purchase more than one type of coverage.

What are the three important things about insurance?

Key Takeaways There are many types of insurance policies. Life, health, homeowners, and auto are among the most common forms of insurance. The core components that make up most insurance policies are the premium, deductible, and policy limits .

What to know before buying life insurance?

10 Things You Should Know. Review Your Insurance Needs. ... Decide How Much Coverage You Need. ... Assess Your Current Life Insurance Policy. ... Compare The Different Kinds of Insurance Policies. ... Be Sure You Can Afford the Premium Payments. ... Have an Insurance Agent Help You Evaluate the Future of Your Policy. ... Keep Your Current Policy. More items...

What are 3 things you need to consider when choosing your health insurance?

Below are four things you should think about when choosing coverage - Costs, provider network, benefits, and quality .

What are the 3 typical requirements in an insurance policy?

The Conditions Common conditions in a policy include the requirement to file a proof of loss with the company, to protect property after a loss, and to cooperate during the company's investigation or defense of a liability lawsuit .

Which question is likely to be asked by a life insurance company to determine?

Medical History . Most life insurance applications include health questions and inquiries about your medical history. These questions provide information about your expected lifespan and help the insurer assess risks associated with early death.

6 Smart Insurance Questions for Newlyweds and Soon-to-Weds (2024)

So you’ve tied the knot – or at least are starting to prepare for the big day. This major life step often leads to plans to buy a house or upgrade your apartment so there’s enough room for the two of you… and perhaps some future bundles of joy.

Amid the whirlwind of excitement and change, insurance may not be top of mind as you’re mapping out your new life together. But making some smart decisions now can help ensure sure you are well protected and positioned to thrive into the future.

Here are six smart questions to discuss with your insurance agent.

6 Questions to Ask an Insurance Agent in your 20's and 30's

1. We’re getting married. Should we wed our auto insurance as well?

If one of you has a Mad Max-like driving history, then auto insurance might be one of those things you don’t merge once married. But if you andyourspouse both have good driving records and no recent gaps ininsurance coverage,youmight save money bycombiningpolicies.

2. We’re hunting for our first house – should homeowners insurance weigh into what we buy?

In the excitement of finding that first home, some buyers forget to consider the cost of homeowners insurance, and how different locations and types of homes might impact it. According to Realtor.com, the average annual cost for homeowners insurance is $952. However, factors such as distance from a fire department, proximity to storm-prone coastal areas, age of the home and your claims history can play a role in what it ultimately costs to insure a particular house.

A conversation with your ERIE agent as you start your search can give you a better perspective on potential costs and how they may impact what you can afford.

3. We’re having a baby. Should we get life insurance?

A new baby brings new responsibilities – and new expenses. Life insurancecan help make sure that if an untimely death occurs, the surviving spouse can handle those responsibilities and costs without interruption.

Life insurance pays money to a chosen beneficiary — a spouse or co-parent, for example — when the insured person dies. In the short term, you can use the life insurance proceeds to pay for funeral expenses. Over time, it can help pay the mortgage and fund your child’s education.

4. Term or whole life?

So you’ve resolved to get life insurance. Now you face a new question: What kind?

Term life:Term life insuranceprovides coverage for a specific number of years (such as a 30-year policy to sync up with your new 30-year mortgage). For young people starting out, term is often the easiest, most affordable option.
Whole life: If you’re looking for lifelong coverage, then consider a whole life policy, sometimes called a permanent life plan. A smart approach is to get term insurance and make sure you’re covered now. During your policy term, you may often have the option to renew it or convert it into a permanent life plan.

A local ERIE agent can explain your options and help you decide what’s best for you.

5. What do you offer beyond the basics for homeowners insurance?

We get it: Your home is often the biggest investment you’ll make. It’s worth it to add on some extra protection to protect what you’ve worked so hard to achieve.

Ask your local agent about ERIE Secure Home Bundles, which allow you to expand your protection beyond our standard homeowner’s policy with coverage available for underground service lines, appliances and more.

6. We’re digital natives… why do we need a human insurance agent?

It makes sense to buy a lot of products online. Buying online is often easier – and sometimes more cost effective. But when it comes to insurance, a DIY online policy isn’t always the best choice. Because insurance protects the things you care about most, there are benefits to working with an insurance agent.

As an experienced local pro, an ERIE agent can answer your questions, help you understand what you really do (and don’t) need and talk you through things if you ever need to file a claim.

Still curious? See what made our list of 6 reasons why customers love working with a local ERIE agent.

Getting Married? Get a Quote with ERIE

At Erie Insurance, we’ve been working side-by-side with the best local agents in the business since 1925. Today, more than 5 million customers trust us to protect what matters most to them.

See the ERIE difference for yourself: Get a free online auto quote or find a local agentin your neighborhood.