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7 Mistakes to Avoid While Buying Life Insurance

7 Mistakes to Avoid While Buying Life Insurance

Life insurance forms a critical aspect of all financial decisions one makes in their life. Getting life insurance gives one’s family financial security during any untoward event. It ensures that the family’s financial obligations are met, and this can include expenses like daily living costs, education loans, mortgage payments, and various other expenses. One should always buy life insurance after deliberating for some time. Here are some common mistakes to avoid when buying life insurance.

Underestimating the coverage amount
This is a very common mistake that one can easily avoid when buying life insurance. It is crucial that one takes into account all the financial needs of the family and figure out the amount of coverage needed. Do not underestimate their needs, as the family will require all the financial support they can get during a difficult time. One must consider all factors like any running debt, long term financial goals, income replacement and any other future expenses that can occur. One can also consult with a financial advisor to understand their needs and get an estimate on what an appropriate coverage amount should be.

Not considering unique needs
There are coverage packages available with life insurance companies, but one must understand that their needs may be unique, and the existing coverage details may not work well. Consider factors like age, marital status, financials, any dependents, income, and other factors that make your situation unique to you. Once you have assessed your situation and any future changes that can affect it, like having kids or career growth, only then consider the different coverage options available.

Ignoring term length
There are specific periods for which life insurance is offered; it can range from anywhere between 10 to 30 years. It may seem daunting to get coverage for 30 years, but it may just be what your family needs. However, choosing an excessively long term coverage could also result in some high premiums. So, one has to maintain a balance in catering to their own and their family’s needs.

Failing to compare quotes and policies
One should avoid simply choosing the first convenient option they get. Checking and comparing multiple quotes and policies from insurance companies is absolutely essential. If one fails to do their research, they may end up paying a high premium for coverage and they could miss out on some features as well. Once you have got a quote from the various insurance companies, you should also assess their financial stability. Also take a detailed look at their policy features, benefits, what are the exclusions and riders. Ask as many questions as necessary so that you fully understand the policy and take all the benefits from it.

Not disclosing relevant information
This is another common mistake that people make, thinking it is harmless. But making a full and honest disclosure at the time of buying a policy will help you get one that addresses your unique needs and can help your family. Withholding information about your lifestyle, occupation, and health may get you a low premium on coverage, but it may not be helpful in the long run. Additionally, if your information is not relevant or inaccurate, it can result in policy cancellation and the claims can also be denied, leaving your family stranded financially. If you have any pre-existing conditions, disclose it immediately, any lifestyle habits that put you at risk – disclose it immediately. If you have any occupational hazards, disclose it when filling the form.

Overlooking policy riders and add-ons
There are additional benefits and add-ons to the coverage policy. Some of the common riders can include things like disability income, death benefit, waiver of premium, or even critical illness. It’s a missed opportunity if one does not explore these additional features that may be applicable to them and can even be beneficial. If one has a specific circumstance and needs help with some additional benefits, they can contact the sales person and let them know about any additional needs. If the provider has any specific add-on for these needs, they will inform you.

Not reviewing and updating the policy
It is possible that at the time of purchase, one did not consider any life-changing factors. It is important that one reviews their policy again after a couple of years. It can be after a marriage, maybe a divorce, once you have kids, or if there is a significant increase in your income or other factors that could impact the policy. Reviewing your policy every couple of years is important so you can include these changes into your features. If you need to change the coverage amount of requirements, you can speak to the sales executive and let them know about the changes needed. They can then make the necessary adjustments to the existing policy.

Popular life insurance companies
There are many options available when it comes to life insurance companies. One can explore some popular names listed below and compare quotes and features.

Guardian Life has a diverse range of life products. They also have life insurance policies for those managing HIV. MassMutual is another popular option and some of the policies even earn a cash value at a set interest rate of 3.7 percent. They offer term policy, permanent policy, and a no-exam policy.

Northwestern Mutual sells whole life insurance with a flexible coverage, which starts at $50,000. New York Life is known to offer a variety of riders and helps in tailoring the payments as per the customers’ needs. State Farm is another company to check out; it has the option of paying off your coverage in one go rather than installments.

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