Vital Questions that you need to ask about Life Insurance Plan

Vital Questions that you need to ask about Life Insurance Plan

Deciding to purchase a life insurance plan is a vital step to take. However, it is not enough to purchase a life insurance plan. There are several questions that should determine your final decision. No matter how attractive a life insurance policy seems, there are certain questions that you must ask to be sure about your final decision. These questions determine the selection of a right life insurance company and plan that is right for you or not.

Here are vital questions that you should ask your insurance company as you consider the prospects of taking up an insurance plan:

What is the monthly and annual premium for the insurance plan?

Before you buy an insurance plan, find out the monthly and premium plan you will pay throughout the course of the plan. Premiums vary depending on the company, its plans and benefits. At FBNInsurance, we realise the importance of asserting a question like this. If you would like to find out more about our plans and benefits, visit our corporate insurance products and retail insurance pages

Will there be a waiting period the coverage effects?

You should confirm if you would have to wait before the coverage of the insurance comes into play. Different insurance policies have different coverage plans. For some plans, you may have to wait for a period between the time when you start paying the premium and when the benefits of the plan come into effect. You should confirm this to avoid misunderstandings in the future.

Are there circumstances warranting non-payment of benefits?

In some life insurance plans, there might be benefits exception phases. In such phases, the benefits of such insurance plan do not accrue to the insured. Instead, they deny the insured such benefits. You should confirm this because you should know if the denied benefits are things that you can handle in advance.

What happens if I miss a monthly premium or I delay in payment?

You may not be financially capable at all times. So, it is vital that you know how a late payment or non-payment will impact the benefits received. Also, know if your plan would remain in force if there is a default in payment.

Does the life insurance policy have a cash value if I decide to cancel the plan?

As earlier mentioned, insurance plans vary. Thus, while some plans pay you cash when you opt-out from your plans before you enjoy the benefits, some do not. You should understand the position of an insurance policy on cash value before you purchase it.

What circumstances guarantee the cancellation of an insurance policy?

Each insurance plan has a list of actions that could lead to its cancellation. Before you purchase an insurance plan, you should be aware of the circumstances that would warrant such circumstances as to know how to avoid it.

How long has your company been in business?

The relevance of experience to the success of an insurance policy cannot be overemphasized. When choosing a company that you plan on purchasing its life insurance policy, you should know how long such company has been in existence and the overall performance of such company. To save yourself the stress of making such enquiries, get in touch with us to get you started on the perfect life insurance plan for you. As an insurance company, we were incorporated in 2010 and our records have been sterling since then. To know more about FBN Insurance, click here

Can I pay premiums online or make online payments?

The world has become technologically advanced and this has made online payments a thing. If you prefer the online or electronic payment over the physical payment, then you should make enquiries about the company that you want to do business with respect to their payment terms. The knowledge of this will largely determine if you can cope with such company in the long run.

Are there online reviews about the insurance company?

This is one of the most vital things to check when choosing an insurance company. You should make sure that there are credible online resources about the company, its insurance policy, and agents.

What is the number of your company’s policyholders?

Another question that you should ask is concerning the amount of policyholders in the company. The overall size of an insurance company and the policyholders. These two factors affect the pace of payments. So, ask questions that ensure proper findings of this critical information.  As a company which is a subsidiary of one of the leading Holdings company in Nigeria, FBNInsurance is highly recommended because we are reputable for having many policyholders and paying out benefits.

Can the insurance company change its benefit terms after the policy goes into effect?

Change is inevitable. Sometimes, your life insurance policy may experience such. There are scenarios where an insurance company’s benefits terms would change after the effectiveness of the plan. It is your duty to know what these changeable benefits are.

These are some of the most important questions that you should ask before you purchase a life insurance policy. At FBNInsurance, we recognise the importance of these questions. Want to know more about our life insurance plans and policy? Click this link to get in touch with us.

Call us today on 01-9054380

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