Buying the Wrong Type of Life Insurance
Many consumers choose to purchase life insurance as income replacement for their dependants in the unlikely case that they become disabled or pass away. Unfortunately many insurance professionals encourage those looking for this basic type of life insurance to purchase permanent coverage, rather than term life insurance. The truth is term life insurance is a lower cost type of coverage that does just that; provides basic income replacement protection. There are however many benefits to permanent life insurance as well. This is why we always encourage consumers to speak with a licensed agent and explain their financial situation as well as their coverage needs. Together you can determine if you are a candidate for permanent or term life insurance, or even a combination.
Not Comparing Life Insurance Costs
The second biggest mistake consumers make when shopping for permanent or term life insurance coverage is not comparing premiums. Like any type of insurance, the cost of life insurance coverage can vary widely from one policy to another and one carrier to another. This is why it’s so important to do your homework! Do not assume that the first policy you price out is the most affordable. You have 2 choices when it comes to comparing life insurance quotes: contacting several carriers directly or working with a broker. A life insurance broker can provide a quote comparison from several carriers and save you some of the leg work. Regardless of how you choose to go about it, make sure to take the time to compare your options. It can save you money and just might equate to a larger death benefit.
At IntelliQuote we provide instantaneous access to side by side quotes from the industry’s leading carriers. If you choose to shop your coverage options through a broker we encourage you to contact us. With no obligation to buy, and access to the most highly trained life insurance agents in the industry, you’re sure to find the coverage you need at a price you can afford.
Want more tips and insight on selecting a permanent or term life insurance policy to meets your needs? Follow our Life Insurance Blog, here we discuss the trending topics that affect you and your family. We also hope that you will help us celebrate Life Insurance Awareness Month and join in the conversation! Share your comments and questions below.
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