Not Purchasing It
The number one mistake that is made is fairly obvious, but the biggest possible mistake you could make in regards to this is not purchasing life insurance at all. Life insurance by it's nature is to protect yourself and your loved ones in the event of a tragedy or emergency. To properly take care of your family you have to provide them with a safety net in case something happens to you. You may be unsure as to what exactly life insurance is or how it may benefit you, but do not let that stop you from protecting your loved ones.
Waiting
If you are younger you may be thinking that you have time before you have to begin thinking about life insurance. But really the sooner you purchase it, the better. The younger you are, and the better health you are in, the less expensive life insurance is. Life insurance is based on your age, with the theory being that the older you are the closer you are to death. Buying life insurance when you are younger will help you secure a better and lower premium.
Not Purchasing Enough
Having insurance through your employer is wonderful. And purchasing it when you are in your twenties is great too. But do not rely solely on those things. Having too little life insurance is a very common mistake and can leave your loved ones with some money but not enough to cover all of their needs. Whenever something big happens in your life, it is important to take a look at all of your finances and make any adjustments that are necessary.
Lying On The Application
This one, like the first, is fairly obvious. In order to get the best and most accurate rates for your situation. Things that you might think it is okay to leave like any and all medical history, along with any and all tobacco or drug use. You are going to have to go in for a medical exam and the report will reveal any lies or things that you may have left out. This could of course lead to the you being denied coverage. Be honest and straight forward on your application.
Brett Royster
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