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Three Common Life Insurance Mistakes

9/24/2014

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Life insurance is important, but it isn't something you can grab on your next shopping trip at the big-box store. Finding the right policy requires some comparison shopping and careful assessment of your needs. Don't make the following mistakes when shopping for a life insurance policy:

​1. Failing to complete a needs analysis. You know that you need life insurance, but how much? Which type of policy suits you best? Your needs are as unique as you are, so there is no correct answer to any of these questions. Talking to your licensed insurance agent and filling out a needs analysis is the best way to determine which type of policy is right for you, and how much insurance you actually need. If you fail to analyze your needs, you could end up with a policy that doesn't adequately protect you and your family.

2. Neglecting to compare premiums. Once you've decided upon the type of life insurance policy and coverage amount you need, you might make the mistake of thinking all policies of the same value are priced the same. Not true! Different life insurance companies have different methods of calculating risk, and therefore the amount of your premiums. Be sure to shop around for a policy that suits your needs and your budget, just as you would shop for a car or a home. This decision is an important investment in your future.

3. Forgetting to re-evaluate your needs. As you age, your circumstances may change. At some point you may need more or less coverage, or a different type of policy may suit you better. Purchasing life insurance is not a one-time-and done event; it's actually better to re-evaluate your needs every two to three years. Make sure your current policy is still right for you, and make changes or updates as needed in order to best protect your family and your future.
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13693 - 2014/9/10
This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
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    Kirt Carstens

    Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.

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Kirt Carstens, CLU, ChFC
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This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.

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This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

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  • Home
  • About Us
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    • Investment Planning
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  • Blog
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