Term Life Insurance

1) Do I need a doctor’s physical before getting a life insurance policy?
Some insurance companies require a medical exam before you are eligible for life insurance and may even send someone to your home to perform the checkup at your convenience. Ideally, you'll find a insurance provider that doesn't require a checkup.

2) I’m young and healthy. Why should I buy life insurance?
Whether you qualify and how much you pay for life insurance depends on factors such as your health, age, occupation, and other variables. You may find yourself in a much more expensive category or even uninsurable at some point in the future so you should lock in your insurance rates now.

3) I have a life insurance policy from my employer. Isn’t that enough?
The standard recommendation is against relying wholly on your employer for coverage. If you want coverage your company doesn’t offer, if you move to a new job that doesn’t have the coverage you need, or wants to start your own company then having a separate life insurance policy would fill those gaps.

4) Wouldn’t I be better off investing the money I’d otherwise spend on insurance premiums?
You could just put your money in the stock market instead but there is definitely more risk using this approach. You could lose all your money in the stock market but the coverage provided by the life insurance policy is guaranteed.

5) Can children be named as beneficiaries of a life insurance policy?
Yes, they can. This should be handled through a will. The legal documents should appoint an executor to manage the money and a guardian to take care of the kids.