Fraud Blocker

What Questions to Ask When Buying Life Insurance in Manitoba

Mother, father and daughter lounge on a couch watching TV in a brightly lit living room.
May 17, 2021
Updated: January 11, 2023


Taking the first step to getting a life insurance policy can feel a tad overwhelming. Especially when you don’t know what you don’t know, that’s why we created this blog to go over all the questions to ask when buying a life insurance policy.

Asking questions like, what is the difference between term and whole life insurance? What factors can impact my rates? When should I buy life insurance? And What type of life insurance should I buy? Are all important when considering taking out a policy of your own. Educating yourself by asking as many questions as you can when buying life insurance will help you to make an informed decision for yourself and your family. You’ll make sure that not only is your family protected but that your financial goals are, too.

So get out your pen and paper and get ready to take the first step into protecting your loved ones with a life insurance policy (or at least know what questions to ask when you’re ready to take the leap).

Already know what questions to ask and ready to finally get some answers? Contact us, and we’ll give you the 4-1-1.

Jump To The Section You Need Most

Questions To Ask When You’re Considering Getting A Life Insurance Policy

So, you’re ready to purchase life insurance, or at least ask a few more questions to determine if life insurance makes sense for you. We love to see it and are here to help.

As you start looking into buying life insurance, it’s important to ensure that you’re well-informed on your plan, your potential eligibility for insurance, and what factors might impact your eligibility and/or premium rates now and in the future. It will also help you understand how much you’ll need to budget for your coverage.

Best Questions To Ask When Buying Life Insurance

The first step in learning about life insurance is to get familiar with what options are available to you.

Questions To Ask
  1. How do I know how much insurance I need?
  2. What factors can impact my rates?
  3. How are life insurance premiums determined?
  4. Am I eligible for life insurance?
  5. When should I purchase life insurance?
  6. What are the different types of life insurance options available to me?
  7. What is the definition of a “smoker”?

Questions To Ask Your Employer or HR Representative

Life insurance coverage offered through group insurance plans (typically from your employer) can vary a lot. Not to mention, they are designed to meet the general needs of a group rather than being tailored to your specific requirements.

How much coverage they offer can range from a flat amount that is offered to each employee to being based on your individual annual earnings. If you have a group benefits plan, it’s important to understand what your plan offers, what restrictions or limitations are in place, and just how much coverage you have.

And if you’re meeting with an insurance advisor to discuss what additional coverage may be needed to fill any gaps, it’s important you share any information you have about your current group life insurance coverage. That way, we can make a note of it when determining how much–and the type of– insurance you need (plus make sure you never have too much or too little coverage).

Questions To Ask
  1. How much coverage do I have?
  2. How does my life insurance work?
  3. What is the benefit amount or structure?
  4. What would happen to my coverage if I left the company?
  5. What restrictions exist with this policy?

Note: We never recommend relying solely on your employer coverage as your only life insurance protection because you do not own the policy. (Technically, you’re ‘renting’ it from your employer while you’re employed there.) That means changes to the benefit plan can be made at any time, and you’ll have no control over them. And if you leave that job, you could end up with a gap in your coverage!

Questions To Ask Your Life Insurance Advisor

When you’re learning the ins and outs of life insurance, your insurance advisor is the perfect person to speak with. They’ll put you and your needs first and do everything they can to support you as you purchase your insurance. Plus, they will be there to support you in the event that you ever need to make a claim. Your advisor can answer just about any questions you have about your plan, your premiums, and your eligibility!

What To Disclose

It’s important you disclose the following information to your insurance advisor so they can accurately determine any possible outcomes and solutions that can impact your rates or eligibility.

  • Health concerns
  • Medical history
  • A criminal record
  • Any high-risk activities you partake in
  • Your occupation and if it’s high-risk
  • Any hard drug usage in the last 10 years
  • Daily marijuana usage
  • Any life insurance plan you currently have through an employer

Remember your insurance advisor is on your side and wants to find the plan and premium that is best for you. The only way they can do that is by having all the information and facts available.

Questions To Ask
  1. When should I buy life insurance?
  2. What type of life insurance should I buy?
  3. What’s the difference between a life insurance policy and mortgage insurance?

…and any other questions you have about your eligibility, your policy, and your premiums.

Questions To Ask About Your Health When Buying Life Insurance

It’s important to know that you can get life insurance even if you have a pre-existing or long-term medical condition. That being said, you need to disclose any health concerns you have to your insurance advisor when looking at your policy options.

Health conditions can be seen as a risk to the insurer, which means they can impact your life insurance rates and eligibility. Depending on the severity of your pre-existing health condition, you may still be able to get a standard life insurance contract. But sometimes, the insurer will add an additional amount to the premium, which means you’ll pay more for the coverage.

Questions To Ask:
  1. What type of coverage am I eligible for?
  2. What coverage amount am I eligible for?
  3. If my health changes, what happens to my policy and premiums?

Questions to Ask Yourself When Buying Life Insurance

Getting a life insurance policy can be kind of like picking out a pair of shoes. There is no standard right shoe that will fit and meet the needs of every single person. And although it’s always good to do your research, at the end of the day, you have to pick a pair that feels right for you and your needs.

That’s why we recommend asking yourself some key questions to help you work with your advisor to pick the policy that best fits your specific needs.

Questions To Ask:
  1. Do I have any big debts right now?
  2. What kind of financial support would I want to provide my family if I were to pass?
  3. Am I the sole or major income contributor in my family?
  4. Do I have coverage through another organization?
  5. What kind of premiums can I afford right now?

Questions to Ask About Your Life Insurance Policy

Take the time to ensure you understand what your life insurance policy covers. Know that you’re never inconveniencing anyone or overstepping. You have every right to know all the details about your life insurance. Your Insurance Advisor will be more than happy to discuss all of the following with you:

  1. What kind should I get? Term life insurance or permanent life insurance?
  2. If I get term coverage, what happens at the end of my term? Can I cancel or convert it?
  3. What does ‘conversion’ mean?
  4. What does my policy include coverage for?
  5. How much coverage do I have?
  6. How long is the coverage in place for?
  7. Who is my beneficiary?
  8. What does my beneficiary need to do to make a claim?
  9. What if I have a change in my health? What happens to my policy and premiums?
  10. Why are my renewal premiums payments so high?

Questions To Ask About Your Death Benefit

A death benefit– the money that will be paid to your loved ones if you pass away– is a big reason why many people secure life insurance. Ask the following questions about the death benefit in particular:

  1. Is my death benefit a level benefit amount?
  2. How much should my beneficiary expect to receive?
  3. Who does the policy pay a benefit to?
  4. Is the benefit amount tax-free?
  5. Will my benefit come out in one lump sum amount?
  6. Can I make my beneficiary more than one person?
  7. What if I want to leave the money to my children, but they are under the age of 18?
  8. Are there any exclusions to my coverage that would result in a claim not being paid?

Questions To Ask About Life Insurance Appeals and Claims

The first two years of every life insurance contract fall under what’s called the “incontestability period.” That means that should a claim arise during this period, the insurer can contest it. If this happens, they’ll do their due diligence, making sure that no omissions were made or misinformation was provided when you purchased your insurance.

So that means as long as you are honest and truthful on your application, there should be a smooth process for your family’s claim. This is why it’s important to disclose everything about your health and risks when speaking to an insurance advisor. It’s our job to make this process as smooth and easy for your loved ones. Let us ensure you’re covered so your family doesn’t have to.

Questions To Ask
  1. Who does my beneficiary contact to make a claim?
  2. What is needed to submit a claim?
  3. What is the typical turnaround for claims payment?

Get The Answers To Your Life Insurance Questions!

Life insurance can feel like a scary and overwhelming thing. No one wants to picture what life will look like after they are separated from their loved ones. Setting up a life insurance plan now can give you the peace of mind you need to know if anything were to happen to you, your family would be taken care of.

Knowing what questions to ask your advisor, yourself, and your company is the first step to getting the right coverage for you, your family, and your life.

When you’re ready to learn more about what life insurance would look like for you and get some answers to the questions we listed above, simply reach out to us. Our insurance advisor will get in touch and set up a time to chat through everything you need to know so that you can determine what plan makes the most sense for you.