Buying life insurance is one of the most important purchases you can make, especially if you have a family. However, many people continue to overlook the importance of this coverage and, as a result, make common mistakes when thinking about securing a policy. Take a look at these mistakes to avoid when looking for life insurance coverage.
Life Insurance Mistakes to Avoid
Thinking it’s too expensive – People with no life insurance believe it’s three times more expensive than it actually is. In reality, there’s a good chance you will be paying less for a term life insurance policy than you will on your coffees per month. Instead of assuming it’s too expensive, ask your local agent for a quote.
Relying on group life insurance – Getting life insurance through your employer is great. But it’s often not enough. If you lose your job or get into an accident that puts you out of the workforce, all that coverage vanishes. That’s why it’s essential to have your own third-party policy.
Leaving it may be too late – The younger and healthier you are when you look for life insurance, the cheaper the policy will be. As you get older, you may develop medical issues that increase premiums and make it more difficult to secure coverage.
Lying on your application – It can be tempting to omit certain factors about your health and lifestyle to get lower premiums – but don’t do it. The insurance company may refuse to pay out the death benefit or drop you from coverage if they find out you lied.
Avoid these common mistakes when securing life coverage. Looking for reliable life insurance? The team at Hoffman Brown Company are here for you during this troubling time. Get in touch to learn more about how we can help.
