No one can deny the benefits associated with term life insurance provide you make knowledgeable purchase decisions. Sadly, it does not work that way and most buyers tend to make mistakes when selecting individual or family term insurance. Do you want to know about these mistakes? Then read on.
- Procrastinating the Decision
Purchasing a sturdy insurance cover is crucial for everybody because vicissitudes in life are unpredictable. So, if you are postponing the decision to go for a cover, you are making a serious mistake. For starters, premium is sure to increase as you grow older and different illnesses start to make their appearance. The more you delay increased are the limitations and after a time you may not even get coverage! Remember, the time to make decisions is NOW!
- Online Quote Dependency
How times have you heard about comparing, term insurance quotes online and making decisions! It is possible all right, but too much dependency on the results can prove to be debilitating. This happens because such comparisons and quotes do not provide the complete picture. Forgetting accurate rates, you need to consider individual age, gender, health condition, number of members, and budget among other factors. Online quotes do give an idea but for real results, you need to research or contact a certified insurance agent.
- Unsuitable Length & Coverage Amount
Another costly mistake term cover buyers tend to make is picking up policies of unsuitable length and coverage, which falls flat when the time comes. So what is your coverage need? How long do you need the coverage? These are some of the crucial questions to ask when purchasing term insurance cover. If you are not doing that, then you are making a critical mistake.
You may think that a coverage amount between $250,000 and $1 million is a veritable fortune. However, in the real world it may not be adequate to offer the monetary cover you require. Instead of considering the current expenses, project your future expenses and then make the decision.
- Employer Coverage Dependency
If you are depending completely upon the insurance cover of your company and neglecting your term life insurance in the process, then you are in for a fall! No one is saying that the employer cover is not beneficial but in most cases, it fails to provide you with an adequate cover when the time comes. Term life insurance is as an umbrella during the rainy days so going for it makes sense.
