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Top 5 Mistakes to Avoid When Buying Life Insurance
Why would you need life insurance? Among other things, it lets you provide financial respite to your loved ones after your demise. Accumulated funds can pay for your child’s education, a spouse’s retirement, or settle accrued debts. Nowadays, however, it is a challenging task selecting the right life insurance policy for you. With this being so, most us are afraid of making mistakes when purchasing coverage. In this post, I present a summary of the common mistakes you need to avoid when shopping for a life policy.
Initially, I was tempted to settle for the cheapest product I could find. Instead, you should assess a provider’s financial strength and a policy’s features. To do so, evaluate factors such as duration of the policy, conversion rights, and available riders. Often, with a little extra cash outlay, you can buy a policy that meets your specific needs and affords you better flexibility from a superior provider. This is why you should consult with term life websites to identify insurance rates from various providers.
Mistake # 2: Buying
Only purchase a policy with death benefits pegged at 10 times
your salary. However, each individual's needs are unique. Given that, I had to consider my annual
taxable income, my dependents needs, and in determining the appropriate. To do so, I had to use free online term Life
Insurance Estimators to help much I will pay for coverage.
Mistake # 3: Failure
to Buy for Long Enough
Where possible, a policy should guarantee coverage for a
definite period. Doing so ensured the
policy I obtained provided what I needed.
For example, I have a six-year-old child for whom I needed a 20 year guaranteed
premium level product. But before
purchasing his coverage, I was careful about renewal rates before doing
so. I recommend buying term life
coverage as is in the long term.
Mistake # 4: Lapsing
At times, you may need to switch between policies or
providers. But before discontinuing a
policy, ensure you have a new one in place. Remember that life insurance is better than no
Mistake # 5: Taking
Too Long to Buy Coverage
You should not wait too long to purchase life insurance. The sooner you do so, the better. Premiums typically increase with age even though you are in excellent health. This means that you will pay more for every year you default. Besides that, developing a debilitating illness can increase your premiums or be denied coverage when you most need it.