Mistakes are human, but when it comes to something as important as life insurance, it pays to tread lightly.
To err is human, and to purchase life insurance for the financial security of your family is nothing short of divine. Unfortunately, there are many humans that, when they do purchase life insurance, make mistakes that may come back to haunt their families when the death benefit payment is delayed due to poor planning on your part. Mistakes are human, but that doesn’t mean you have to err when it comes to something as important as life insurance. Here are a few life insurance mistakes you need to avoid before it’s too late.
Buying Too Late
If you are in your 20s or 30s, life insurance may not be anywhere near your “to buy” list, but you may never be as healthy as you are right now. If you wait to purchase, you run the risk of your health deteriorating which could make getting life insurance much more difficult.
Basing Your Policy Off Cost
While cost is a definite factor in life insurance, it should not be your driving force. Choosing the cheapest insurance may save you now, but it could leave your family in turmoil if the death benefit amount does not meet their needs. That’s why their needs should be considered first, then cost: mortgage, future tuition, funeral costs, and any other future expenses need to be considered.
We humans are specialists in making errors, but we can also learn to avoid making them. To learn more about life insurance and what it can do for you, contact Donald Weiss Insurance Services. Our dedicated team will help you determine your coverage needs, helping you pick the right policy with the right term for your goals. Don’t be left with questions when buying this essential coverage; call us today!