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7 Mistakes to Avoid when Buying Life Insurance

By December 31, 2020May 3rd, 2021Life and Disability Insurance

7 Mistakes to Avoid when Buying Life Insurance

Are looking to buy life insurance but concerned about the cost, and overwhelmed by the amount of information you need to sift through to determine the right life insurance policy to protect your family’s financial future? If you’re in the process of researching your options here are 7 Mistakes to Avoid When Buying Life Insurance.

  1. Compare plans with the same terms and conditions, so you get an accurate price comparison
  2. Don’t assume your employer provides enough coverage for your family’s needs
  3. Talk with a qualified financial advisor
  4. Don’t buy a policy and forget about it – review all of your insurance needs every 3 – 5 years to accommodate life events and changes
  5. Be wary of online quotes – online quotes can be a good way to start a conversation with an experienced life insurance provider
  6. Avoid buying Life Insurance without a medical exam to avoid running the risk of being pooled in with higher risk policyholders
  7. Look beyond insurance for only the major breadwinner in your family. Consider how much would it cost to keep your family life running smoothly without your at-home support system or the additional income from a part-time job.

Avoid the mistakes of buying life insurance.  The worst time to find out you don’t have the right coverage is when your family really needs it.

To consult with a life insurance advisor, call 800-392-6532 or email insure@colby-group.com.

This article is for informational purposes only. Insurance needs and coverages vary; therefore, the terms of your policy will be specific to your situation. We recommend that you discuss your insurance needs with a licensed agent for details on pricing, coverages, and exclusions.