Life Insurance Questions and Answers

There are countless frequently asked life insurance questions. This page covers some of the most common ones.

If you do not find your question here you can ask one at Your Life Ins. Questions

Should I buy Term Insurance or Whole Life Insurance? It depends! This is one of the oldest life insurance questions that there is. For many people the answer is simple. Some of them swear by term insurance and others would only buy whole life (also called permanent insurance). The truth is that one is not better than another. For shorter term needs (i.e. under 20 years) then term is the best. But for needs that will always be there (funeral, estate tax, charitable gifts, leaving a gift, etc) then whole life insurance is the best. Take a look at Term or Whole Life Insurance for a further explanation of choosing term or whole life insurance

Can someone purchase a life insurance policy for someone else without them knowing? No. The person to be insured must consent and the person buying the policy must be able to demonstrate an insurable interest. Without these two requirements the life insurance company will not accept the application.

A family member has died, how can I find out if they had life insurance? It can be a real challenge to find out if a family member had life insurance if they did not tell anyone about it. You should start by looking through all of their papers for any evidence of a life insurace policy. For example, if the family member had life insurance they would have received statements each year and probably would have had regular payments out of their bank account. Find several helpful tips at our Lost Life Insurance page

Do I need to have a medical to buy life insurance? It depends. There are No Medical Exam Life Insurance policies where it is possible to buy coverage without having a medical or submitting to any tests. These policies are generally a bit more expensive or for a smaller amount of coverage.

Does life insurance cover suicide? Yes, most policies cover suicide after coverage has been in force for two years or longer.

If you did not find your question here you can ask one at Your Life Ins. Questions

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

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