5 Term Life Insurance Mistakes to Avoid • Our friends, Insurance recently put together a brief list to help you make that decision. • Here are five mistakes people make when buying term life insurance. • Buying Too Little to Replace Income • Always buy ten to twelve times your income in life insurance coverage. That small policy you’re getting through work, which might be one year’s worth of coverage, isn’t near enough. • If you’re the primary source of income in your household, then your spouse and kids need to be taken care of for a long time if something happens to you.
Waiting Too Long to Get Coverage • If you wait too long to buy life insurance, you leave your family vulnerable if something unexpected happens to you. • Term life insurance premiums generally increase as you get older, so buying sooner rather than later can save you money.
Buying for Too Short of a Term • You might be trying to save a few dollars by choosing shorter term coverage. • But what happens if you buy a ten-year policy and you have medical issues ten years from now that raise the cost of your next plan—or worse, make it so you can’t get coverage at all? That will cost you even more in the long run.
Failing to Occasionally Review Your Life Insurance Policy • It’s always a smart idea to go over your term life insurance policy to make sure you have exactly what you need for your current situation. Your coverage might have been fine 10 years ago, but that doesn’t mean it works for you now.
Life insurance plan is a major part of a healthy financial plan. Don’t put off buying term life, or you could find yourself in a major financial hole one day. • Source: (https://www.daveramsey.com/blog/5-term-life-insurance-mistakes)
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