People make mistakes, but when it comes to life insurance, those mistakes can be costly.
Humans are creatures of error; it’s how we learn and progress as a species and as individuals. While many mistakes are simply learning opportunities, there are some which could be costly to your family. Life insurance is something that gives your family financial support should you pass before your time, so it’s something on which you cannot afford–or rather, your family cannot afford–to make a mistake. Here are the most common life insurance mistakes that people across the nation make and why you should avoid making them.
- Buying Too Late
When you are in your 20s and 30s, life insurance may not be anywhere near your “Must Purchase” list. But it should be. Statistically speaking, you will never be healthier than you are in your 20s and 30s; after that, it’s all downhill. The longer you wait, the more your health will deteriorate so it’s important to get it while you’re healthy.
- Choosing a Policy Based on Price
You need to base your policy based on your needs, not on price. If you choose your policy based on price, your family may suffer. Things like funeral costs, mortgage, future tuition, and other debts all need to be paid off and can only be done if your policy is based on your needs.
- Not Being Specific With Beneficiaries
Be as specific as you can when naming beneficiaries and don’t make assumptions. Name everyone you want to receive your death benefit, and be as specific as possible.
Choosing the right life insurance for you is the best thing that you can do for you and your family. For all of your life insurance inquiries, contact Scautub Agency for all of your insurance needs. Our Scotia, New York team can help keep you – and your wallet – safe.