Questions to ask before applying for life insurance

Life insurance can play an important role in a financial plan by helping provide protection for loved ones and financial support if the unexpected happens. Coverage can provide an important layer of protection by helping your family cover final expenses, pay off debt, and meet day-to-day costs. If you're considering applying for coverage, asking the right questions can help you better understand the available options and find an approach that aligns with your personal goals. Learning more about life insurance can also help you feel prepared when discussing coverage with a financial professional.

Who should consider life insurance?

Life insurance can be a valuable way to help protect the people who matter most to you. Coverage is often recommended for parents, spouses, homeowners, business owners, and anyone who shares financial responsibilities or has people who depend on them financially. Even those without children may find that life insurance can help a partner or family members manage expenses such as funeral costs, mortgage/rent, outstanding debt, or everyday bills. By providing financial protection during a difficult time, life insurance can help loved ones focus on moving forward rather than worrying about immediate financial obligations and decisions.

Key life insurance considerations to find the right coverage

Before applying for life insurance, it's helpful to think about your budget, financial responsibilities, dependents, outstanding debt, and long-term plans. The following questions can help you evaluate the type, amount, and duration of coverage that may fit your situation.

When should I consider applying for life insurance?

Life insurance is available at nearly any stage of life, though your options and costs can vary based on your age and health. Seeking coverage earlier in life, especially while you are young and healthy, can often help you lock in lower premiums and provide greater flexibility when selecting a life insurance policy. While you may not need life insurance if you're single with no dependents or shared financial obligations, it often becomes more important as your responsibilities grow. Major life events such as getting married, buying a home, welcoming a child, starting a business, or taking on shared debt can all increase the need for financial protection. Reviewing your life insurance considerations as your circumstances change can help ensure your coverage continues to align with your financial goals and provide valuable protection.

How much life insurance coverage do I need?

One of the most common life insurance questions is, "How much coverage do I need?" The right amount depends on your unique financial situation, including the people who rely on you, your current financial obligations, and your future financial goals. While a common starting point is to consider coverage equal to 10 to 15 times your annual income, your individual needs may be higher or lower.

To help estimate the amount of coverage that may be right for you, ask yourself:

• Who would rely on the death benefit if I were no longer here?
• How long would my loved ones need financial support?
• How much debt, such as a mortgage or other loans, would need to be paid off?
• How much do I have in savings or other financial resources?
• What future expenses or long-term financial goals do I want to help cover, such as college costs or income replacement?

Your financial professional will likely ask fact-finding questions to better understand your financial and personal situation to help estimate how much coverage would be adequate to ensure your loved ones are protected.

How long do I need life insurance to last?

When applying for life insurance, one important decision is determining how long you'll need coverage. For many people, life insurance should last until major financial obligations are met and loved ones are no longer financially dependent on their income. This often means choosing coverage that lasts 20 to 30 years, helping protect your family during your working years while paying off a mortgage, raising children, or reaching other important financial milestones.

What type of life insurance is best for me?

As you discuss your life insurance needs with your financial professional, he/she can begin to narrow down the type of life insurance that may be right for you. Depending on your goals, you can choose between permanent life insurance and term life insurance. Permanent life insurance policies provide financial protection throughout your entire life, while term life insurance policies provide coverage for a specified term, usually 10, 20, or 30 years. Term life insurance premiums are generally lower than permanent life insurance premiums and can be a beneficial option to work into any budget. If you're interested in lifelong financial protection and a cash value option, then permanent coverage may be more aligned with your needs.

What to know about life insurance before selecting a policy

While many people think of life insurance as a way to provide immediate financial support to loved ones after they're gone, the benefits of life insurance can extend much further. Depending on the policy, coverage can help replace lost income, pay off outstanding debts, cover everyday living expenses, fund future costs such as college tuition, and help preserve a financial legacy for your beneficiaries. Some types of life insurance may also build cash value over time to help supplement your retirement income or provide access to living benefits if you experience a qualifying illness. Keep in mind that using living benefits or accessing a policy's cash value may reduce the available death benefit.

Finding the right life insurance policy starts with understanding your personal needs and financial goals. Term life insurance may be a good option if you need affordable coverage for a specific period, while permanent life insurance may be better suited for those seeking lifelong financial protection and the potential to build cash value. A financial professional can help you compare your options and choose coverage that aligns with your current needs and long-term goals.

Questions to ask your life insurance agent

A financial professional can explain what you need to know about life insurance, walk you through the options available, and help create a strategy that fits your specific needs and budget. They can also answer your questions and share helpful insights on money management.

To help make the most of your conversation, consider coming prepared with a few key questions to ask your life insurance agent.

• How long will my family need financial protection if something happens to me?
• Are pre-existing conditions covered?
• What is the premium, and how will it change over time?
• What happens if I outlive my policy?
• How can I adjust or update my coverage in the future if my needs or financial situation change?
• Are there any situations where the policy would not pay a benefit?
• Can I convert or make changes to the policy later?

Learn more about applying for life insurance with Midland National

Understanding what to know about life insurance can make it easier to take the next step toward helping protect the financial future of the people who matter most to you. Coverage can also play a key role in supporting long-term financial goals and helping you stay aligned with your goals through different stages of life. Midland National offers a variety of life insurance and annuity solutions that can support your savings goals, provide financial protection, and help you connect with a financial professional who can help you take the next step and explore the options that best fit your needs.

The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.

The primary purpose of life insurance is to provide a death benefit to beneficiaries. Because of the uncertainty surrounding all funding options except savings, it is critical to make personal savings the cornerstone of your college funding program. However, even a well-conceived savings plan can be vulnerable. Should you die prematurely, your savings plan could come to an abrupt end. To protect against this unexpected event, life insurance may be the only vehicle that can help assure the completion of a funding plan. In addition to the financial protection aspect of insurance, the tax-deferred buildup of cash values can be part of your college savings plan. Generally, if the policy is not a Modified Endowment Contract then tax-free withdrawals can be made up to the contract's cost basis. Moreover, if the policy is not a Modified Endowment Contract, then loans in excess of the cost basis are also tax free as long as the policy remains in force.

B3-MN-2-23

REV 8/2026