Thinking of buying life insurance in Seattle? Avoid these common errors.
Buying life insurance is one of the best things that you can do for your family. Even though you won’t ever get to use your policy, your loved ones will receive the help and financial support that they need after you pass. As one of the most important coverages you’ll purchase, your life insurance in Seattle needs to be the right policy for your needs. Before you buy the first coverage that you see online, check out these common mistakes (as well as how to avoid them!)
Not doing sufficient research
Not all life insurance policies are made alike. Similarly, not all policies meet your own specific and unique needs. Avoid picking a policy at random or without examining the fine details.
Buying for a short term
You may be trying to save a few dollars by choosing short-term coverage. However, should you buy a 5-year policy and you have medical issues 6 years from now, your insurance rates will certainly spike – if you manage to get coverage at all.
Waiting too long to get coverage
Without life insurance, you leave your family vulnerable if something unexpected happens to you. Buying a policy while you’re young and in relatively good health ensures that you a) get coverage, and b) enjoy lower rates. Should you wait until you’re much older to get insurance, the policy premium will be much higher as you are at a higher risk for health issues.
Buying too little coverage
Always buy ten to twelve times your income in life insurance coverage. While this seems excessive, if you’re the primary source of income in your household, then your spouse and kids need to be taken care of financially.
Be sure to talk to a life insurance expert when deciding on the coverage of your policy. Our professionals at Humble & Davenport Insurance works to provide a policy to meet your needs and budget! Contact us in Renton, Washington to get started.