Purchasing life insurance is a big decision that will greatly affect your family if something ever happens to you. Policies are not one-size-fits-all, and there are some pitfalls you’ll want to avoid when you shop. Here is some helpful advice on what not to do.
Mistakes to Avoid When Purchasing Life Insurance
1. Not Shopping Around
Obtain different quotes to determine which best suits your needs. A few considerations to weigh are pricing, term, and type of coverage. While price shouldn’t be the sole factor you use to choose your policy, it is essential to consider your budget. Comparing rates will help you find the most comprehensive coverage available in your price range.
2. Waiting Too Long to Purchase
Many people don’t think about purchasing life insurance until they’re older, but waiting can end up costing you more. Premiums typically increase with age, as do your odds of developing health conditions that may affect your rate. Accidents can happen at any time, so it’s best to prepare now.
3. Selecting the Wrong Type of Policy or Coverage
Talk with a trusted insurance agent to determine how much coverage you actually need. They can help you tabulate your assets and expenses you may not have considered. Consider whether term or whole life insurance is best for your family. Term life insurance covers you for a specified term of years, while whole life carries no expiration so long as you pay your premiums. Your agent can walk you through both options and weigh the pros and cons.
If you’re searching for a life insurance policy in St. Louis County, visit Zach Plackemeier State Farm® Insurance Agency today. This agent, based in Florissant, MO, offers comprehensive policies covering life, health, auto, property, and business. As one of the top 3% agents nationwide, Zach takes the time to find the best coverage for your wants and needs, and every client receives a tailored solution for their budget. To find out more about life insurance policies, call (314) 921-7900 or visit his website to set up a consultation today.