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FAQ

1

Do I really need insurance?

“Do you have anyone dependent on my salary to sustain their standard of living?” In other words, if you were to pass, would those still alive have issues covering the cost of your burial? Covering rent or mortgage payments and other bills? What about any remaining medical costs? Would they have enough money to cover those and still maintain their normal life? If the answer to any of these is “No, they wouldn’t,” then you should consider what life insurance options work best for you and your needs. 

2

Isn't insurnace expensive?

Insurance might seem expensive initially, but it’s important to think about the potential costs of not having it. Whether it's covering medical bills, replacing a car, or protecting your family's financial future, the right insurance can save you from major financial setbacks. Plus, policies can often be customized to fit your budget and specific needs, making them more affordable than you might think. It’s an investment in peace of mind and financial security.

3

What if I don’t qualify for life insurance due to health issues?

If traditional life insurance isn’t an option, there are alternatives like guaranteed issue life insurance or simplified issue policies. These require little to no medical underwriting but may have higher premiums or lower coverage amounts.

4

Why should I pay for insurance when I’ve never had an accident or emergency?

While it’s great to have avoided mishaps so far, insurance is about preparing for the unexpected. One unforeseen event, like an illness, accident, or natural disaster, can lead to significant financial hardship. Insurance provides peace of mind and security for those unpredictable moments.

5

What if I lose my job and can’t afford premiums?

If you’re facing financial difficulties, most insurers have options to help. These might include:

  • Adjusting your policy to lower premiums.

  • Offering grace periods for missed payments.

  • Pausing coverage temporarily in certain cases.

6

5. Do I really need life insurance if I’m young and single?

Yes, life insurance can be beneficial even if you’re young and single. It’s more affordable when purchased at a younger age, and it can cover debts like student loans, provide for future dependents, or leave a financial legacy for loved ones.

7

Isn’t the claims process too complicated?

While the claims process may seem daunting, insurance companies and advisors provide step-by-step guidance to ensure you get the support you need. Keeping all necessary documents ready and reporting incidents promptly simplifies the process.

8

What if I outlive my term life insurance policy?

If your term policy ends, you can choose to renew it (though at a higher premium), convert it to permanent insurance, or purchase a new policy based on your current needs. You won’t lose the financial security you’ve built during the term.

9

Why do I need insurance if I have savings?

While savings are valuable, they can be quickly depleted by major expenses like hospitalization, lawsuits, or home repairs. Insurance provides a safety net, allowing your savings to continue growing while protecting against life’s uncertainties.

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