The Most Common Life Insurance Mistakes and How to Avoid Them

Making a mistake with your life insurance can be a colossal error that costs the very people you are trying to protect – your loved ones. However, by working with a reputable life insurance company you can make sure that your loved ones are supported even after you are gone.

Waiting to Buy

Given that life insurance only kicks in if you die, it’s not exactly an uplifting conversation which can lead to many people procrastinating on purchasing it. With many families having one person earning significantly more than the others, it’s important that at a minimum the higher earner have life insurance. 

Buying the Wrong Type of Life Insurance

There are several types of life insurance and purchasing the wrong one can cost you significant money. For example, term life insurance covers the policyholder for a specific number of years before it expires. Conversely, permanent life insurance or universal life provides coverage for the entirety of your life and also allows you to accumulate a cash value that can then be borrowed or surrendered against if you face financial hardship. 

Not Adding a Beneficiary

Singing a life insurance policy is only the first step with the next being to add a beneficiary; however, you’d be surprised at the number of people that forget this step and then find their estate in limbo if they pass away. As a best practice, be sure to update your life insurance policy after any major life event such as the birth of a child, a marriage, or a divorce. 

At Access Insurance Services in San Antonio, TX our team of insurance professionals will take the time to get to know you personally so that we can help you find the best life insurance policy for your needs. No matter your questions, we are more than happy to answer them and walk you through every aspect of your policy. Don’t delay another day and give us a call.