Your life insurance policy shouldn’t hinder your family’s future.
Buying life insurance is one of the most important decisions you’re going to make. As a selfless policy, you will never reap the benefits of life insurance, but your family will. You buy life insurance to protect your family from getting caught in an unfortunate financial situation.
People often choose the first policy they see. Quite often, this is not the best option for their situation. The wrong policy can be a costly mistake to make!
Avoid making these common mistakes when it comes to life insurance!
- Not Doing Research. Not all life insurance polices are made alike, similarly, not all policies meet your own specific and unique needs. Avoid picking a policy at random or without examining the fine details.
- Opting Out for Too Long. Without life insurance, you leave your family vulnerable if something unexpected happens to you. Buying a policy while you’re young and in relatively good health ensures that you a) get coverage, and b) enjoy lower rates. Should you wait until you’re much older to get insurance, the policy premium could be much higher as you are at a higher risk for health issues.
- Buying for Too Short of a Term. You may be trying to save a few dollars by choosing shorter term coverage. However, should you buy a 5-year policy and you have medical issues 6 years from now, your insurance rates will certainly spike, if you manage to get coverage at all.
- Lying on Your Application. All of us want to save money on our insurance rates – but cheating the system usually always ends up backfiring. Never lie about your health or personal information as, ultimately, this is detrimental to your family should your coverage be disqualified.
- Getting Too Little. You want to ensure that your funeral costs and remaining debts are taken care of, as well as allowing your spouse to retire on time and your child able to attend college! For these financial needs, talk to a qualified life insurance expert.
Our professionals at Insurance and Mortgage Services work to provide a policy to meet your budget as well as your family’s needs. Contact us today in Batavia, Illinois.