Life insurance is a smart way to secure your family’s future, but there are some common missteps that can affect how well it protects your loved ones.
Here are five mistakes to avoid:
Underestimating Coverage Needs
Many people choose a policy without fully calculating their family’s financial needs, which may include debts, mortgage, education costs, and living expenses. Reviewing these details ensures your policy truly covers future needs.
Choosing the Wrong Policy Type
Picking between term and whole life insurance can be confusing. Each serves different goals—term for short-term needs, and whole for lifelong coverage. Choosing the wrong one can lead to unexpected gaps or high premiums.
Neglecting to Update Beneficiaries
Life changes—such as marriage, children, or divorce—often call for beneficiary updates. Overlooking this can lead to outdated choices that don’t reflect your current wishes.
Waiting Too Long to Buy
Premiums tend to rise with age and health changes, so waiting can make coverage more expensive. Locking in a policy early helps secure lower rates and guarantees coverage regardless of future health.
Forgetting Periodic Reviews
Financial needs can change with life’s stages, from starting a family to retiring. Regular reviews help keep your coverage aligned with these changes, ensuring that your policy remains relevant.
Let’s connect to go over your current coverage and make sure you’re set up for lasting peace of mind.
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