Mistakes to Avoid When Buying Life Insurance

27 Sep Mistakes to Avoid When Buying Life Insurance

Avoid these common errors when looking for your life insurance policy.

You have decided life insurance is a must-have protection in your life, but it’s also a must-get-right purchase to ensure you’re covered for everything you need. Make sure that you don’t get stuck with a policy that doesn’t suit you or your family by avoiding these common mistakes when purchasing life insurance.

• Waiting until you’re older

When you’re relatively young and health, life insurance isn’t your main concern. However, securing life insurance when you’re young and healthy means that you get to lock in low premiums and reliable coverage. Every year you choose to delay, the pricier a policy becomes.

• Choosing price over cover

Don’t choose a policy based on the fact its premiums are the cheapest you have found. The cheapest policy most likely won’t offer the right coverage for your needs. Remember that life insurance is a selfless policy – your family will rely on its cover when you are no longer around. Don’t short-change them because you wanted to save a few bucks every month. Take the time to find the right policy for your needs.

• Skimming over policy documents

There’s no escaping this one. It may seem dry and unappealing to sift through, but it’s important to read and ensure you understand your insurer’s policy documents. Take the time to read them so that you’re aware of any exclusions.

• Forgetting to review cover at life events

If you took out your life insurance policy when you were single, and now have a baby on the way, it’s time to recover your cover. Big life events call for a life insurance review, whether it’s moving house, getting a promotion at work, getting married, or having a baby. Make sure your policy still protects what’s most important to you.

Avoid these common mistakes to help secure the right policy for your needs! If you need help finding coverage that suits your wallet and your family, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!