Common Life Insurance Questions

June 09, 2020
A couple discusses life insurance with their insurance broker.

It is common knowledge that life insurance can help in times of greatest financial need, helping loved ones cover the mortgage, pay off other remaining debts and maintain their current standard of living. Unfortunately, many American families lack sufficient information to make an informed choice when deciding what life insurance coverage best fits their needs.


Clients who already entrust an Acrisure Agency Partner with their home, auto, boat or other personal lines insurance policies know how thorough our brokers are. Asking the right life insurance questions is how an Acrisure Agency Partner can help design a solution that provides the right insurance coverage at a premium that fits your budget. In order to get the right life insurance coverage for you, our Agency Partners can advise you to do the same—before selecting a broker, first get the answers to some common life insurance questions.


Common Questions About Life Insurance


Why do I need life insurance?

Life insurance is primarily about protecting what matters most to you and your family. If you have dependents, debts that others would be responsible for, and other financial obligations that would place your family and loved ones in financial hardship if you pass, it may be a good idea to consider purchasing life insurance. Even if your family and loved ones can afford the expense, it’s about providing them with the comfort of knowing that they’re financially protected no matter what life throws at them. Every situation is different, and Acrisure Agency Partners can help you access a customized life insurance solution.


What life insurance product options are available?

There are many different types of life insurance available, but the three most common are: term, whole and universal. Big-box life insurance brokers may try to upsell you on coverages you may not need or, worse yet, fail to ask you critical questions that could result in insufficient coverage.


As your brokers for personal lines insurance, Acrisure Agency Partners are already familiar with the insurance protection you need for your home, car, boat, and other personal property. They have an understanding of the expenses your family may be left with if you pass—that’s how they can quickly help to identify the right type of life insurance and work with a carrier to help design a policy to provide coverage to ensure they will be financially protected in the event of your death.


How soon after passing can life insurance proceeds be paid out?

If the worst should happen, your family will need immediate support. With an Acrisure Agency Partner, you can expect the same level of customer service as your brokers who place your personal lines insurance policies. Our Agency Partners pride themselves on personalized service and working directly with the carrier to help facilitate prompt claims processing: once a claim is filed, our brokers will keep your beneficiary updated with the carrier’s process every step of the way.


How quickly can I secure a life insurance policy?

Most life insurance applications require extensive underwriting, which often includes a medical exam and an evaluation of your health history. Big-box brokers may also have to examine your personal finances to learn more about the lifestyle your family would hope to uphold. For this reason, the process typically takes a few months.


When an Acrisure Agency Partner helps you with insurance coverages for your home, car, boat, or other personal property, they already take many of the same factors into consideration. That’s why working with an Agency Partner to apply for life insurance can often make the carrier’s underwriting process more efficient.


What if I need to make a change to my life insurance policy?

If you secured a life insurance policy when you and your spouse first got married, your coverage will likely need to be updated when you have children because a larger family will often require more financial support. With a big-box life insurance broker, these details could slip through the cracks and result in insufficient coverage.


Acrisure Agency Partners understand that your family will likely grow and evolve. For example, we will know when you size up from a compact car to a midsize SUV or move into a larger home because we will update your home and auto policies accordingly. Our brokers review your insurance coverages holistically and can also advise you of changes that you should consider making to your life insurance coverage to ensure you have the appropriate financial protection in place for your family.


How can I purchase life insurance?

By contacting an Acrisure Agency Partner, we’ll take the hard work out of the process and help guide you through options to pursue life insurance and help you learn how life insurance works. First, you’ll decide how much coverage you’ll need, consider your budget, learn about the various options that fit your needs, and then let an Acrisure Agency Partner help you with next steps from there.


Be prepared to protect what matters most.

Take care of the ones you love by reaching out to an Acrisure Agency Partner today to learn more about options to add life insurance to your insurance program or get other life insurance questions answered.

 
 

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