Skip to main content

Get your free personalized final expense life insurance quote.

Information you need to keep handy before calling a life insurance agent

Having a life plan policy is important when you have a loving family to take care of. Before buying life insurance, you must talk to a licensed agent who understands your insurance needs and can explain, in detail, all of the options available to you. Let's go through a checklist of information that you need to keep ready before calling a life insurance agent:

  1. The basic questions usually asked by an agent include your state of residence, tobacco consumption, coverage amount desired, type of policy you intend to purchase, etc.
  2. You must have your previous or current life insurance policies handy since the agent may want to know the nature of these policies - term, whole life or group life policies. These life insurance policies consist of the ones owned by you along with ones bought for your spouse.
  3. If you have any type of disability plans, the agent will ask for all details, so you must be ready with this paperwork.
  4. The agent will need information about the type of IRA accounts you own; health insurance plans under your name or your spouse's name and the total amount of mortgage payments, if applicable.
  5. You must either sit down with your family or get help from an agent to calculate the answers to the following questions:
    • Amount required by your family to pay off the mortgage loan or pay the rent in your absence.
    • Amount you want to make available to pay off credit card debts, student loans, personal loans, car loans, etc.
    • Annual income required by your family each year after your death.
    • Amount to set aside to pay for funeral expenses and other financial needs such as emergency fund for surviving family, a fund for family member with special needs, gifts for charity, etc.
    • Amount needed to provide for your children's education after your death.
    • Amount of the investment assets such as CDs, 401k, stocks, mutual funds, savings accounts, pension plans, etc. that you would want your family to use in your absence.
  6. The agent may also need information about any wills that you have created for your family and the amount and type of investment properties in the name of you and your family.

Other than the above, there are many standard as well as important questions that are asked by life insurance agents when filling out your application. The key is to be honest and provide all necessary information for the easy processing of the application as well as for the sake of a bright financial future for your family.