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Seven Blunders To Avoid When Choosing Term Life Insurance Coverage
If you are looking at canceling a current policy, you may well want to take a look at these 7 slipups folks make with their life insurance before you do.
1. "I'm all prepared for life insurance!"
According to a recently available survey of middle income Americans, most respondents felt that folks should have some life insurance, but felt that it should only be necessary to cover existing overall debt and funeral costs. Surprisingly, only about 20% felt that term life insurance should compensate the pay check of the deceased for the surviving family's sake.
In fact, owning a life insurance policy that is comparable to seven to ten times one's recent salary is the smallest advice for someone with young little ones.
2. "Life insurance? I'd rather not talk about it."
For almost all individuals, thinking about death is more than small awkward. Yet, almost all people do want to make sure their beloved are financially stable after their passing.
Look for a couple of minutes to sit down with your significant other and ask the question, "How would you and the kids make it if I were to pass away?" It is important to answer this question at this time.
3. "My father told me to have coverage matching to 7 times my income."
In today's culture, that is not as reliable of a measure because of the different life circumstances found today. Many qualities that were not so common 50 years ago can be found readily today. An individual person with no kids has much less of a requirement for insurance than the family with a stay at home spouse and 4 young young children.
A more precise method is to make a list of the things that you want to protect. How will your significant other manage the mortgage, taxes, utilities, put food on the table, keep up the automobile, and many others?
4. "I never thought of that."
Benefits such as medical health insurance, pension accounts, youngster care credits, etc. all cease at the death of an employee. The subject that needs to be asked then is, " If I die, that subsidy disappears. How will my loved ones pay for health-care after I'm gone?" Part of the answer of course is to make sure your term life insurance policy will pay enough funds to cover the new health insurance bill.
5. "I'm much too busy to worry about life insurance now."
It's not difficult to lose sight of the long term view when we are so consumed with running our day to day lives. A general guideline is to intend that your kids will be "dependent" until age 25 due to college and finding a career. If your youngest is 10 at present, you would want to have at least a 15 year policy to cover that risk period.
6. "It's expensive."
That is a huge oversight in thinking, as it is possible to find a plan that fits your needs and your finances. Today, term life insurance is much more affordable than permanent insurance, and is the perfect instrument for addressing your financial risk.
7. Bought it and forgot it.
Are you the same individual now that you were 5 years ago? If we are truthful the response is, "No." Maybe there have been some changes to your way of life such as getting married, having kids, buying a house, etc. These fundamental life events are exactly why you should examine your life insurance policy at regular intervals to make sure that your policy covers your "new" situation.
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