What should I ask my agent?

Does this policy truly meet my needs?

If your agent recommends a term policy, consider the following:

How long can I keep this policy?

If you want the option to renew the policy for a specific number of years or until a certain age, ask your agent about the terms of renewal of the contract.

When will my premiums increase? Annually? Or after a longer period of time, such as five or 10 years?

Can I convert to a permanent policy?

Some policies allow you to convert the policy to permanent insurance without a medical exam, regardless of your physical condition at the time of the conversion. These policies are known as “convertible term.”

If your agent recommends a permanent policy, consider the following:

Are the premiums within my budget?

Be sure you want to spend the money for this type of long-term coverage.

Can I commit to these premiums over the long term?

Keep in mind that permanent insurance is designed to provide protection for your entire life. If you don’t plan to keep the product for many years, consider another type of policy. Cashing in a permanent policy after only a couple of years can be a costly way to get insurance protection for a short term.