5 Life Insurance Buying Mistakes


Life insurance is one of the most important components of any individual's financial plan However there is lot of misunderstanding about life insurance, mainly due to the way life insurance products have been sold over the years

We will review some common mistakes insurance buyers should avoid when buying insurance policies 1 Not having life insurance More than 40% of Americans have no life insurance This is a mistake

There is a 100% chance that you are going to die And there is a 100% chance that your family is going to be left with the expensive associated with your burial It is wise to buy a life insurance policy for your self and loved ones BEFORE you need it 2 Only having an Accidental Death policy

Many consumer were ‘sold’ an accidental death policy, and led to believe that it was a true life insurance policy Its not An accidental death policy only pays benefits if you die in an accident If you die of natural causes (cancer, heart attack, stroke, etc) it does not plan

Accidental death policies are largely a waste of money unless it is tied to a true life insurance policy 3 Not having enough life insurance Too many people buy the least amount of life insurance They think that a $10,000 policy will be more than enough

However, like most things, burial cost are on the rise On top of that, when you die your family no longer has the income that you once earned So they have less money and more expenses That’s why you should buy at least 10 times your annual income in life insurance 4

Only having life insurance from work Its great that your employer provides life insurance for you However, what happens when you leave that job? You lose your life insurance And you may be (much) older and in poor health, as compared to when you start that job That’s why its important to have your own life insurance policy, even if you have one at work

And, when you quit or retire, your family and home will be safe because you’re still insured 5 Not using Life Insurance in your retirement planning Let’s be honest, owning a life insurance policy is like having a bucket of money at your disposal And when you have Life Benefits included with your policy, you can get that money BEFORE you die

This is why it is wise to include your life insurance needs when planning for your retirement There are many plans that offer tax-free and/or tax-deferred components, including the potential for income growth For more information on how to avoid these and other insurance pitfalls contact the staff of MyLivingBenefitsorg at (866) 277-3900

Source: Youtube

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