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Financial Wellness Trends / Life Insurance
10 Key Questions to Ask Your Life Insurance Advisor
April 01, 2026
Estimated Reading Time: 6m
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When it comes to life insurance, everyone has questions—and that’s a good thing. Because the more you know, the more informed your decision‑making will be.
Got a lot of questions? No problem: an attentive life insurance advisor will welcome the chance share their knowledge. In fact, here’s 10 key questions that deserve a place on your list.
1. Do I Really Need Life Insurance?
This is a very common question. And if you have loved ones who depend on your income, the answer is: yes, you do.
Because should something happen to you, your benefits would replace that lost income. For example, your family would have funds to cover your final expenses, pay off your debts and provide for their ongoing living expenses.
In short, life insurance will spare them the financial hardship they’d face if you were out of the picture.
2. How Much Life Insurance Will I Need?
At the least, you need enough life insurance to cover all financial obligations that continue even after you’re gone.
To determine the total, tally your current financial needs—your family’s living expenses, mortgage, debt, etc.—and future needs, such as your children’s education. If you don’t have dependents, estimate what your final expenses might be.
If you have a spouse or partner, do this together. It’s a family decision. In fact, many couples find it wise to buy life insurance together.
3. But I Don’t have Dependents …Do I Still Need Life Insurance?
Yes—and here’s why. Everyone incurs final expenses (i.e., funeral costs), whether they have dependents or not. Many also incur final medical expenses, carry debt and/or leave behind estates that need to be settled.
A modest life insurance policy will cover these costs, sparing family and friends the burden of shouldering your remaining unpaid bills. That’s why many people without direct dependents still carry life insurance.
4. Is Life Insurance Expensive?
Actually, life insurance premiums may be a lot more affordable than you think. More than half of us overestimate the cost of life insurance by 300%!
And it’s not just about cost, but what you get in return. Most people who buy life insurance are glad they made the investment when they did.
Of course, the only way to really find out what life insurance would cost you is to request an actual quote. That’s what your advisor is for. Ask them to run a few quotes and review the illustrations for you. See for yourself!
5. What’s the Best Age to Get Life Insurance?
There is no single best age for life insurance. The best time to get it is as soon as you determine you need it, whether it’s because you have loved ones who depend on you or you want to plan for other financial obligations and goals.
But keep in mind: life insurance premiums are tied to age and health. The younger and healthier you are when you purchase a policy, the lower your premiums will likely be. With life insurance, procrastination doesn’t pay off.
6. What Type of Life Insurance Should I Buy?
There are two main types of life insurance: term and permanent life. Which type is best for you depends on your goals and situation.
In brief, term life is more affordable and provides coverage for a set period of time, while permanent life insurance (which includes whole life and universal life) lasts for life and builds cash value. But it also costs more. Obviously, there’s a lot more to it. You’ll find more detailed information here—and this is definitely a topic to discuss in more depth with your advisor.
7. What Is Life Insurance Cash Value?
Cash value is a separate component of permanent life insurance that’s offered in addition to the death benefit. Many people earmark their cash value for a specific purpose, such as their emergency fund or to save for college or retirement.
When you pay your premium, one portion will fund the death benefit, while the rest will flow into the policy’s cash value account, which accumulates over time. You can then access this accumulation through policy loans, withdrawals or by surrendering the policy.
When your advisor prepares a permanent life illustration for you, you’ll see how your cash value would accumulate over time.
8. Isn’t My Employer’s Life Insurance Enough?
It may be. But you need to review your coverage to know for sure, because often, the answer is no. That’s because most employer plans:
- Provide term life, which only lasts for a set period of time and ends with your employment.
- Provide a flat benefit or multiple of salary, which may not be enough to cover your financial obligations.
- Aren’t portable, which means you can’t take your coverage with you if you leave the company.
If you aren’t sure what your employer coverage is, ask your advisor to review your paperwork with you. Not only will you learn something, it will help them make more personalized recommendations for you.
9. How Do I Know If I Need to Buy More Coverage?
As a rule of thumb: when your life situation or financial obligations change, that’s when you’re likely to need more coverage. It’s very common. For example, you’ll likely need more coverage when:
- You take on additional expenses, such as a new mortgage.
- You have new dependents to provide for, such as spouse or new baby.
- You want life insurance protection for those dependents, if they aren’t included under your current policy.
10. Why Should I Get My Life Insurance through PALIG?
There are several factors to look at when choosing a life insurance company. Among the most important are the company’s history, financial strength and industry ratings. Here’s how PALIG measures up:
- History – For more than a century, we’ve paid our policyholders’ claims as promised. We have a strong record of service.
- Financial strength – Our strong balance sheet and solid capital generation demonstrates that we’re equipped to meet our commitments.
- Stellar industry ratings – Year after year, we receive from independent rating agencies like AM Best and Fitch Ratings, a recognized indicator of a carrier’s reliability.
In addition, feel free to ask your advisor why they chose to represent PALIG. Their answer may give you valuable insights.
Ready to get more personalized answers to your life insurance questions? If you don’t you’re your local PALIG advisor, we’re happy to connect you.
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This article has been prepared for informational purposes only and does not constitute personalized advice.
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