Buying the best insurance coverage is one of the most important life decisions anyone can make, and yet some mistakes are very common, and these mistakes can cost thousands of dollars more than they should.
To help readers make the best possible decisions, SeniorSurance presents the five biggest mistakes people can make when it comes to buying insurance:
1/ Not comparing rates- Why go to one insurance company and ask their rates when you can shop around? Most people wouldn’t buy a house or a car without doing their homework first, and knowing what their options are, so whether it’s term life insurance, annuities or health insurance, why would you make a purchase without comparing different options? Visit SeniorSurance.com to access free quotes.
2/ Not buying final expense insurance- Final expense insurance helps take care of costs for funerals, legal fees, and estate planning work, but don’t think that just because you are leaving more than enough money in your will to take care of those expenses, there’s no problem. Why? Because even if there is enough money in the will, getting the money to your loved ones might take too long. Final expense insurance is quick, affordable, and will allow your children to take care of what’s important, and not worry about paying funeral costs.
3/ Buying the wrong insurance- While everyone needs some type of insurance coverage, that doesn’t mean that every kind of insurance is right for everybody. Insurance policies can be tailor-made to suit your needs and what you need. For example, life insurance is taken out to provide income after the death of a breadwinner, but if you have a 10 year-old child at home, it probably doesn’t make sense to purchase insurance for them because they are presumably not bringing in any income. In that situation, save yourself the money.
For more information, visit SeniorSurance.com.