|
Author: Katherine Ly Article source: http://www.easyarticles.com/. Used with author's permission.
Mistake #1
Don't forget to update the beneficiaries on your life insurance policies regularly. Update it every few years or when there's a major life event such as marriage, divorce, new babies, death of beneficiary, etc. I hear sad stories all the time from people who's husband, father, or wife forgot to update the beneficiary on their policy. Instead of the deceased's family getting the money it's some ex-wife, ex-husband, cousin, distant relative, ex-girlfriend and the current family and kids are left penniless. That's tragic.
Mistake #2
It's important to not let your life insurance lapse when you're switching bank checking accounts. Most people have their life insurance premiums taken out by EFT (Electronic Funds Transfer) every month and forget to notify the insurance company of this change. And guess what? Murphy's law strikes when you least expect it and can't afford it. It's a high chance that something will happen when you've been paying 20 years for insurance and then when it has lapsed for 3 months there's a car accident. Notify the insurance company when closing and switching bank checking accounts.
Mistake #3
When requesting life insurance quotes most people aren't aware that they don't have to set up an appointment with the first agent that calls to give them a quote. You can receive a quote over the phone or through email. And you don't have to buy life insurance from the first Insurance Agent you talk to. It's ok to shop around, but please be polite when you turn down the other agents. Selecting an Insurance Broker is often easier than working with an agent that only represents one life insurance company. A broker will try to find the lowest rate for you and the best policy to fit your situation. An agent that only works for one company called a "captive agent" can only offer you the products from that one company.
Mistake #4
Buying life insurance that does not require a medical exam. It's often 2-3 times the price of normal life insurance and not worth it if you are perfectly healthy. A medical exam can be inconvenient but it can save you several hundred of dollars a year. Now think of how much you can save if you multiply that by 30 years or whatever length you plan to keep that life insurance policy.
Mistake #5
Buying the life insurance policy with the intent to commit suicide. Ok, this is silly but there are people that face depression and have suicidal thoughts. First, this idea isn't going to pay because most insurance company and policies have this suicide clause that states if you commit suicide within the first 2 years the company won't pay the death claim. Don't do it, please get help if you are thinking this.
Mistake #6
Canceling your old life insurance policy when you're purchasing a new life insurance policy with another company but the new policy hasn't been issued yet. Wait until you have received the new policy before canceling your old one. You don't want a few months where you don't have life insurance. You don't know what can happen during that time.
Mistake #7
Not getting enough life insurance coverage. It's hard to understand why some people would spend money to buy $10,000-50,000 of life insurance. That is such a small amount, certainly not enough to pay off a mortgage, send a kid to college, pay off loans or debts, and can't support someone for a few years. At least find out how much it cost for $250,000-300,000 of coverage. It may be cheaper than you think.
Mistake #8
Lying on the life insurance application. The insurance companies have a way of finding things out. If you lie on the application then insurance company may not pay the death claim and just refund the premiums if they find out. Be honest about all medical conditions and list all the medication you're taking. About the Author: Katherine Ly, licensed Life Insurance Agent. Author and Publisher of http://www.term-life-insurance-quotation.com Katherine's Guide to Insurance is an easy to understand source of information for consumers and provides answers to frequently asked questions regarding life insurance.
One Simple Persuasion Secret That Will Blow The Roof Off Your Sales
For the last century, psychologists have been studying simple persuasion tactics that will allow you to motivate people and get the results you desire. This ar...
Debt Elimination and Debt Elimination Services
Debt elimination services can help consumers who have more debt than they can manage look into options of reducing or negating that debt.
Building a One-page Website
Many entrepreneurs who are starting small businesses find themselves not ready to develop a full website. We suggest that you build a one-page website to use in...
Dr. Will Horsley, M.D.
After over 10,000 LASIK procedures and thousands of other refractive procedures, Dr. Will Horsley Medical Director of the Lasik Vision Institute in Burlington i...
The Challenge Of Retention
Coping With The Human Resource Competition
Effective Home Spa Treatment Using Peat Therapy
Peat therapy has been used in Europe by physicians for 100's of years. It is gaining respect here in North America. People are requesting moor mud more and mo...
A Parents Instruction Manual
Just when we seem to have parenting techniques that work with the first child we discover that they don't work with the next. Wouldn't it be great if children w...
Innovation Management – Diversity Can Make All The Difference
Companies are welcoming a diverse range of employees (The Sunday Times, April 10 2005). Doh!
How To Write A Profit Pulling Article
Having an article published is one of the fastest and easiest ways to build your credibility as an industry expert. At the end of the each article you are given...
Network Marketing
Network marketing is the ordinary person's best opportunity to make extraordinary income. Well known author, Robert Kiyosaki, says that most ethical network mar...
Website Traffic: 10 Mind Busting Secrets To Gain More Orders
Do you want to generate more orders at your
website?
The Power of Dogs
I owe it all to Stitch without him, none of this would have ever materialized, he played so many vital roles in this business and ultimately changed my life, wi...
Songwriter Confessions #3
How do you fit a $500,000 recording studio into a small box? Easy. You buy a decent PC and $1000 worth of software.
Why Golf Swing Training Aids Have Not Worked For You
Golf swing training aids have a bad reputation with most amateur golfers. Many of them have been victims to aggressive companies selling golf swing training aid...
Transducers - The Remarkable Changers
Complex control systems all make use of signals that can be easily measured and altered remotely...
Personal Wellness Program
Many people do not know where to begin a personal wellness program. Here are a few keys to maintaining a personal wellness program...
Wedding Loans: Perfect Finance Option for a Perfect Wedding
Wedding loans have two benefits. They are cheaper than any other option of payment. They do not require customers to pay the expenses on wedding all at once. Fo...
Tips and Tricks to Downplay Those Pesky Fine Lines and Wrinkles - Part One
Are those fine lines and wrinkles worrying you? Before you do anything drastic…
The Benefits of Coenzyme Q10
Coenzyme Q10 has exploded onto the health scene. This powerful
mineral has many health saving properties. It is responsible for
essential chemical reactions in ...
Really Useful Time Management Tips from a Cooking Show
In life, there are lessons available to use everywhere. We just have to have our eyes open to spot them. I have picked up some really useful time-management t...
Nitwit Nation: Is America Too Dumb for Democracy?
Studies show that over 96 percent of America's adults exhibit such limited literacies that democracy in any meaningful sense of the word is impossible. U.S. cit...
Backup and Save your business!
When is the last time you backed up your data? Are you sure you backup all information that would ruin you if not saved.
Ask Yourself the Hard Questions to Get an Easy Life!
Mark and Alex looked at each other dumbfounded. Both men had been far too busy in their first six months trading together to sit down and ask themselves the fo...
The Wonderful World Of Address Labels
Address labels have come a long way in recent years. You can buy address labels today with your photograph and more. More importantly, address labels provide yo...
|
Print this page