Questions to Ask an Advisor

These questions are designed to help you have a more informed conversation with a licensed insurance advisor. They are general and educational — not every question will apply to your situation.

Important: This is an educational resource, not personalized financial advice. A licensed advisor can help you determine which questions are most relevant for your circumstances.

44 questions across 12 categories

💰 Coverage Amount

How much life insurance coverage do I actually need? How did you arrive at this coverage recommendation? Should I increase my coverage if my income or debts change significantly? What happens if my coverage turns out to be insufficient?

📅 Term Length

Why are you recommending this specific term length for me? What happens when my term policy expires? What are my options if I still need coverage at the end of the term? Is a 20-year term better for my situation than a 10-year or 30-year term?

🏛️ Permanent Insurance

What are the key differences between term and permanent life insurance for my situation? Is permanent insurance right for me, and why or why not? How does the cash value component work in a whole life or universal life policy? What are the total lifetime costs if I buy permanent insurance now versus renewing term?

🧾 Premiums & Cost

Are these premiums guaranteed not to increase, or can the insurer raise them? What happens if I miss a premium payment? Are there discounts available for non-smokers or healthy lifestyles? Can I pay premiums annually to reduce the total cost?

⚠️ Exclusions & Limitations

What are the main exclusions in this policy? Is there a suicide exclusion, and for how long does it apply? Are there any circumstances where my beneficiary might not receive the death benefit? What is the contestability period, and what does it mean for my policy?

🔄 Conversion Rights

Does this term policy include conversion rights? Until what age or date can I convert without a medical exam? What products can I convert to, and at what cost?

👨‍👩‍👧 Beneficiaries

Who should I name as my beneficiary, and should I name a contingent beneficiary? What are the implications of naming a minor child as a beneficiary? How do I change my beneficiary designation after the policy is issued? Should I name my estate or a specific person as beneficiary?

🩺 Underwriting & Health

What health questions will the insurer ask, and how will my health history affect my application? Is there a simplified or no-medical option, and what does it cost relative to fully underwritten coverage? If my application is declined or rated, what are my options? What is the difference between guaranteed issue and simplified issue?

💼 Advisor Compensation

How are you compensated — commission, fee, or both? Does the commission differ depending on which insurer or product you recommend? Do you represent one insurer exclusively, or can you access products from multiple carriers?

🏢 Insurer Selection

Why are you recommending this particular insurer? How do I verify that this insurer is licensed in Canada? What is Assuris protection, and does it apply to this policy? Is this insurer financially stable, and how can I check?

📜 Policy Ownership

Who should own this policy — me personally, or through a corporation? What are the tax implications of different ownership structures? Can I transfer ownership of this policy after it is issued?

🔃 Replacing Existing Coverage

I already have coverage. Are you recommending I replace it, and why? What are the risks of lapsing my existing policy before the new one is confirmed? What coverage will I lose by replacing my current policy?