When purchasing a policy, steer clear of these frequent errors.
If you’re in the market for a life insurance policy, congratulations! You’re choosing to protect your family and loved ones after you pass. As a selfless policy, it’s easy to choose the first one that fits the bill. But before you purchase the first policy that you see online, there are some frequent mistakes that many make – which you should avoid!
Check them out below:
Lying on the application – Although it’s tempting to bend the truth so that you get a better rate, lying on your life insurance application can backfire horribly. Your medical history is likely to be examined by a professional company, so you may not even get away with it. If a company find out that you’ve lied, you could be rejected coverage altogether. It’s best not to take the risk.
Waiting too long – The best time to get life insurance is now! Even if you pay more initially, in many cases, you can ask your insurance company for a reclassification once you quit smoking or lose 10 pounds.
Buying too little – A sure way to leave your family in trouble should you pass suddenly is by getting a limited policy. Don’t start from the premise that you can only afford to pay a certain amount, and then let that decide your policy for you. You should take into consideration your family’s goals, such as your spouse planning to retire or a child going off to college. A policy can ensure that your family’s expenses over the coming years are handled with care.
Not reviewing it – You should review your life insurance coverage every year to make sure it’s still relevant to your circumstances. If you’ve just gotten married, had children, or changed jobs, you may no longer have enough coverage.
To secure the right life insurance protection for you and your family, visit the professionals at Kurt Rolf Insurance Agency! We serve Minnesota, Wisconsin, Florida, South Dakota, and Arizona – visit us today.
