Questions to ask when comparing life insurance

What do you want the policy to help with?

Start with the people and responsibilities you want to consider. Write down the expenses or obligations you would want help addressing, and any coverage you already have.

How long does the coverage last?

Ask how the policy works, how long coverage continues, and what happens at the end of any stated term. Ask which features are guaranteed and which depend on conditions or assumptions.

What can change over time?

Ask about the premium, future costs, available benefits, and the conditions needed to keep coverage in place. Request a clear explanation of exclusions, limitations, and any fees or surrender terms that apply.

What should you review before deciding?

Take time to review the policy materials and ask for explanations of unfamiliar terms. If you already have coverage, discuss the effect of any proposed replacement before changing or ending your current policy.

A short comparison checklist

• Who would receive the benefit, and what expenses would the coverage help them manage?
• How long do I need coverage, and how long are the premium and benefit guaranteed?
• What happens after the initial term or if I miss a premium?
• For a cash-value policy, which illustrated amounts are guaranteed? How would loans, withdrawals, or surrender affect the policy?
• What underwriting, exclusions, waiting periods, and optional rider costs apply?

Further reading

• NAIC: Life Insurance Buyer’s Guide

This guide is general information. Plan and contract details vary; review the documents that apply to your situation.