Questions to Ask a Life Insurance Advisor Before You Buy

Speaking with a licensed life insurance advisor for the first time can feel like unfamiliar territory. You may not know exactly what you need, which is entirely normal — that is partly what the conversation is for. But arriving prepared with thoughtful questions helps you make the most of the time, understand what is being presented to you, and feel confident about the decisions you make.

This article is a preparation checklist — a set of questions you might bring into that first conversation. It is not a substitute for personalized advice from a licensed advisor who knows your full financial picture. Think of it as a starting point: a way to organize your thinking before you sit down with someone who can speak to your specific situation.

Questions About the Advisor

Understanding who you are speaking with helps you evaluate the advice you receive. These questions help establish the professional context.

• Are you licensed to sell life insurance in Ontario? Can I confirm your license with FSRA?
• Which insurance companies do you work with? Are you independent, or do you represent a single carrier?
• How are you compensated — through commissions, fees, or a combination? Does your compensation vary depending on which product I choose?
• How long have you been working with families on life insurance?
• Do you have experience working with families in similar situations to mine — similar income levels, financial obligations, or stage of life?

There is no single right answer to these questions, but the responses will help you understand the advisor's experience, the scope of products they can offer, and whether any compensation structures could influence their recommendations.

Questions About Your Coverage Needs

Before discussing specific products, it is worth exploring how the advisor thinks about your coverage situation. These questions are designed to prompt that conversation rather than to arrive at a specific number.

• Based on what I have shared about my situation, what factors do you think are most important in thinking about how much coverage to consider?
• Should both my partner and I have separate policies, or are there other structures worth considering?
• How should I think about coverage in the context of any employer group life benefits I already have?
• How do you approach coverage for a stay-at-home or part-time-working parent — is there a way to think about their economic contribution to the household?
• As our children grow up and our mortgage gets paid down, how should our coverage needs change? How do you factor that in?

Questions About Policy Types

Understanding the difference between policy types — and why one might suit your situation better than another — is an important part of making an informed decision. These questions are about education, not commitment.

• What is the difference between term and permanent life insurance, and why might one be more appropriate for my situation than the other?
• For term insurance: what term lengths are available, and how do I think about choosing between them?
• If I choose term insurance, what happens at the end of the term — can I renew it, and at what cost?
• Are there policies that allow me to convert from term to permanent coverage later without a new medical exam?
• If you are recommending a permanent policy, can you explain how the cash value component works and how it differs from the death benefit?

Questions About the Application and Underwriting Process

The underwriting process — where the insurer assesses your health and risk profile — is an area many applicants find unfamiliar. These questions help demystify it before you apply.

• What information will I need to provide when I apply? Is a medical exam required?
• Are there health or lifestyle factors that might affect whether I qualify for coverage, or the premium I would be offered?
• How long does the application and approval process typically take?
• If I am not approved, or if I am approved at a higher premium than expected, what options would I have?
• If one insurer declines my application, can I still apply with others?

Questions About the Policy Itself

Before signing anything, understanding what the policy actually covers — and what it does not — is essential. These are questions for when a specific policy is being presented to you.

• What exclusions does this policy have? Are there circumstances where a death benefit would not be paid?
• Is the premium guaranteed for the life of the policy, or can the insurer change it?
• Can I change the coverage amount after the policy is issued — either increasing or decreasing it?
• What is the free-look period — how long do I have to review the policy and cancel without penalty if I change my mind?
• How do I designate or update my beneficiaries, and what should I know about doing that correctly?

Questions About the Ongoing Relationship

Coverage needs change over time as your life changes. Understanding how an advisor will support you after a policy is in place is worth asking about upfront.

• After the policy is issued, how often should I expect to review it with you?
• Under what circumstances should I come back to revisit my coverage — a new child, a home purchase, a significant income change?
• If my family needs to make a claim, what does that process look like, and how do you assist with it?
• What is the best way to reach you if I have questions once the policy is in force?

How to Use This Checklist

A good advisor will welcome these questions and answer them clearly. If anything is unclear, it is entirely appropriate to ask for a plain-language explanation before making a decision. You are not obligated to purchase anything in your first meeting — the purpose of the conversation is to become more informed, not to arrive at a commitment.

If you are speaking with more than one advisor, comparing their responses can help you evaluate whether their recommendations are consistent and identify areas where you want more clarity.

The questions here are starting points, not a complete script. Your specific situation — your age, family structure, financial obligations, and goals — may bring up additional questions that are unique to you. A licensed advisor who takes the time to understand your circumstances is in the best position to help you identify those.