Six Killer Mistakes on Life Insurance
For current life insurance policy holders and consumers thinking about purchasing life insurance policies. In this article, Kimberly Palmer advises on how much life insurance to purchase, updating policies with your life changes, and what to consider when choosing the policy that is right for you. Palmer enumerates the following 6 mistakes:
- Thinking you have enough: Your employer's package may not cover what you would like it to
- Staying mum: Life insurance is not the most comfortable topic to discuss, but do it anyway!
- Relying on old rules of thumb: There is no simple formula to calculate the amount of coverage you need, consider your dependents and what you want for them
- Ignoring nonmonetary income: When thinking about your coverage needs, don't forget your current health insurance and other benefits that you currently have
- Thinking its too pricey: There are many types of plans available, shop for what's best for you
- Forgetting to update: Your policy may need to be adjusted with major life events.
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