Four Common Life Insurance Mistakes to Avoid

There are common life insurance mistakes that could hurt your policy.

We’re in the digital age of DIY-ers, meaning that many go online to shop for their next insurance policy. It’s easy enough to select the first policy that you see for the lowest price, but it could end up costing you big in the long run.

To avoid getting the wrong coverage for you, here are the life insurance mistakes to avoid!

Going with the first policy that you find – It may seem like the easiest option, but selecting the first coverage that you see online could be a huge financial mistake. Take the time to determine what coverage you need, as well as researching different quotes from multiple insurers.

Selecting price over coverage – No one wants to pay too much for their coverage, but having too little leaves your family with a nasty shock in the event of a claim. Cheap policies are cheap for a reason. Read the fine print to see that the price matches the cover provided.

Waiting too late to get coverage – In addition to leaving you financially vulnerable in early years, not taking out coverage until you’re much older, or have health issues, could also mean that your premiums are much higher. Rates typically increase with age as you become more susceptible to medical conditions. It’s best to purchase coverage while young and healthy.

Lying on your application – It may be tempting to withhold some details of existing medical conditions or your smoking habits, but it’s only likely to see your policy become void in the event of a claim. Insurers will investigate claims and will go to great lengths to review your medical history to see if you’re eligible for coverage.

Stumped at where to start in life insurance? Read our life insurance 101 guide! Contact the insurance professionals at American Advantage – IFS Inc. to secure the best life insurance policy to suit your needs, family, budget, and lifestyle! Serving Pewaukee Wisconsin, visit us to get started.