People insure the things that are valuable to them, like their house or their car. However, when it comes to life insurance a lot of individuals either leave it too late or they end up with an inadequate cover. You might have seen adverts that promise million dollar life insurance coverage for a couple of dollars a month and you probably think they are too good to be true.

There is a lot of information out there, some it is misleading but if you look at Insurance Quotes by Quote Centers, you will not only be saving yourself time, but you will be in a better position to make an informed decision about the life insurance policy that is right for you. Here are five Questions to ask when looking for an insurance cost.

#1. How much insurance do you need?

This is the most important question. Insurance agents use the rule that you need about ten times your annual income. However, before you agree on any number ask your insurance agent how he came to that and whether he factored your assets or obligations in.

#2. Which policy type is right for me?

Term insurance lasts for a fixed number of years like 20 years. This policy also happens to be a lot cheaper. Permanent life insurances are meant to cover you for your entire life. Your insurance agent might offer a plan that is variable or universal but keep in mind that most agents work on a commission base, what they may say is good for you might be what would net them the most commission. If you are not sure, do not be shy to ask what is in it for the agent as far as the commission goes.

#3. What happens if for some reasons you can’t keep up with your premiums?

When it comes to term insurance, you will lose the coverage if you don’t pay. Permanent life insurance might give you a couple of options especially when your policy has acquired some cash value.

#4. Will premiums increase?

Term life policy your premiums are likely to be lower than premiums for a permanent policy. They stay fixed during the stipulated term. Your premiums will go up if you decide to switch policies. If you take out a permanent life policy from the very beginning, then your premiums will likely be fixed for the rest of your life.

#5. Are there any exclusions?

Life insurance companies would like to give as many people as they can policies. Sometimes, some policies might have exclusions when it comes to certain chronic illnesses. The important thing is to find a company that will fit your needs and will accept your current health conditions. Make sure you know how future unforeseen health conditions could affect your policy.