Today we would like to shed a little bit of light on term life insurance. Shopping for and understanding insurance policies can be challenging, so we’re here to help! Our insurance brokers represent you first and have your best interest at heart. Here are some avoidable term life insurance mistakes.
Not Thinking About Your Income When You Buy Term Life Insurance
One purpose that people buy life insurance is to cover the loss of income if something should ever happen to them, especially if they’re the sole breadwinner. If your income supports many people, you want to make sure that you have more than enough insurance coverage so that your family can recover from the loss of income and then some.
Waiting Way Too Late in Life to Get Coverage
The longer that you wait to get life insurance, the more vulnerable your family becomes if something unexpected happens. Term life insurance premiums become more expensive the older you get. Buying a policy sooner rather than later will save you a lot of money. As you grow older, the more at risk you are for health issues. This factor makes affording a policy more difficult, but sometimes, potential policyholders end up being ineligible.
Buying a Term Life Insurance Policy That Doesn’t Have Enough Years on it.
Saving money should always be a goal in life. However, this is one case where saving cash shouldn’t apply. You could buy a 10-year life insurance policy only to find that you have medical issues down the road and raise your next plan’s cost. A rule of thumb that some people follow is to buy a plan based on their kids going to college or leaving home. At least a 25-year plan is sufficient.
Not Combing Over Your Life Insurance Policy Before Buying It
Our experienced insurance brokers can thoroughly go over what each plan offers. But it’s also vital to go over these plans yourself to make sure that you have what you need. Life is unpredictable, and our needs often change. What worked five years ago may no longer work. Make sure that you have enough insurance coverage to cover your changing needs. Significant life changes include having a child, buying a home, or health improvements.
Do you have questions about term life insurance? Then, reach out to us today and take full advantage of our expertise.
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Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.