Life insurance can be a useful financial safety tool for families in San Antonio, TX but you don’t want to make these mistakes because doing so could lead you to getting the wrong coverage. Discuss these mistakes with an agent at Access Insurance Services.
Buying the Wrong Amount of Coverage: Not everyone will benefit from life insurance in Texas, and depending on income and life circumstances, you may not need life insurance. However, if you have a family and are the breadwinner, you may need move coverage than you think. Aim for seven times your yearly salary and some extra to help fund college and pay off any debt. Even those who stay at home should have enough coverage to provide childcare and other services, even though they may not need as much coverage as the breadwinner.
Choosing the Wrong Type of Policy: There are different kinds of life policies in Texas. Term policies can be a good choice for families, as long as the policy doesn’t expire until the kids are grown and on their own. Permanent life insurance is useful if you have a financial dependent that will be lifelong, such as an estate with a lot of taxes for heirs or a child with special needs.
Putting Off Buying Life Insurance: Life insurance could be cheaper than you think, so don’t put off the purchase. This is especially important if you have young children. Life insurance can be cheaper the sooner you buy it while you are still healthy.
Only Being Reliant on Free Life Insurance from Work: The benefits from work aren’t enough if your family depends on your income. These policies will usually only cover one or two times your salary and won’t be enough for your family. Coverage will end after you leave. Buy a separate policy and just consider the one from work a free benefit.
Contact Access Insurance Services, serving San Antonio, TX, to get a quote on life insurance.