Mistakes people make not getting life insurance (living benefits)

Mistakes people make not getting life insurance 

1. Waiting too long to buy insurance

2. Picking a policy based only on price

•  Whenever we're given a choice between similar products of various prices, most of us immediately lean toward the one with the lowest price. It's just how we've been conditioned as consumers

3. Choosing the wrong type of life insurance for your current needs and circumstances

• Life insurance can be a confusing product, no doubt about it. There are so many forms and kinds and variations that wrapping your head around all of them can be challenging

4. Borrowing too much money from a whole life policy

5. Undervaluing a non-working spouse

6. Only naming one beneficiary on your policy:

•  Most of us assume listing one person as a beneficiary on our life insurance policies is enough. But if your lone beneficiary dies before you do the proceeds of your plan could be paid to your estate. And this causes a bunch of other problems for any survivors it’s eventually passed on to.
• What we should do instead: Make sure you include at least one "backup" beneficiary on your plan, 

7. Neglecting to keep your beneficiary designations up to date

• Your spouse passes away
• A non-spouse beneficiary passes away
• You get divorced
• You get married
• You have a child
• One of your beneficiaries changes their name
• One of your beneficiaries moves to another address.

 8. Letting your plan lapse before its maturity date

9.  Failing to treat life insurance like it's an investment

10. Owning all of the insurance on your life

Mortagage protection, College savings, Retirement Planning

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