It’s understandable why some people think getting life insurance is a chore. Even a quick look on the internet brings up enough information to make your head spin.
Common Life Insurance Mistakes
How do you know which insurer to choose? How do you know how much cover you need? How do you know if you need any additional features on your policy? Stepped or level premiums? Term or permanent? Monthly or annual payments?
The questions can seem endless, and to be honest, it can be enough to put you off altogether. However, life insurance is important. It can provide valuable protection. And, if you have kids, or any kind of debts, like a mortgage, credit cards or loans, then it is the kind of protection that you need.
Here are some of the most common life insurance mistakes, so you know what not to do.
Not Shopping Around
We know, with so many life insurance providers and so many policy options, it can be tempting to give up and go for the first half-decent option. However, it will really make all the difference if you put some extra time in, to make sure you get the best policy for you. Try to use comparison sites to narrow your choices, and then get into the details to make the right choice.
Not Reading the Small Print
When it comes to small print, life insurance policies have it covered. Reading it all can be tedious, but it is worth it. Find out exactly what the policy covers, and whether there are any exclusions that may affect you. If you don’t, you could end up kicking yourself later on when you need to make a claim.
Not Knowing How Much Cover is Appropriate
A lot of people don’t actually know how much life insurance cover they need. It can be tricky, but this is definitely something that you need to get right. Try using an online calculator, or speak to an insurance expert. This doesn’t have to be expensive, you can often find free or inexpensive advice simply by looking around. 
Not Completing the Application Yourself
Having your partner complete your application forms could be a big mistake. No matter how well you and your partner know each other, there are mistakes that could be made. Fill in all questions about yourself to avoid any problems later on, such as void policies, or denied claims.
Undervaluing a Non-Working Partner
Work done within the home is often undervalued. Just because there is not an actual paycheck for the work done at home, does not mean it doesn’t have a value. Think how much a cleaning service would cost, or a cooking service, or a laundry service, or childcare. Non-working partners take care of all this work, most of the time without financial recognition.
Not Reviewing Regularly
Once you have your life insurance sorted out, you can’t just forget about it. Life is ever-changing, which means your needs and your lifestyle will change as well. Try to review your policy if there is a life-changing event in the family, such as a child being born, or failing that, make sure you review the policy and update it accordingly every year or so.

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