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3 Common Life Insurance Missteps to Avoid December 5, 2017

3 Common Life Insurance Missteps to Avoid, ,

Life insurance provides crucial protection to your family members if something happens to you. As such, it is one of the most important investments you can make. With the right coverage, you ensure your loved ones have all the financial resources they need to rebuild their lives and allow you to continue contributing to their future. Understanding how this coverage works will help you avoid common mistakes and better secure your family’s well-being.

Life Insurance Mistakes to Guard Against

1. Not Enough Coverage

Before buying a term life insurance policy, it’s important to clearly identify your goals and your family’s needs. You might decide to leave behind enough to set up a college fund or allow your spouse to pay off the mortgage. However, if you’re the primary earner, consider getting enough coverage to completely replace your income for the next 10 to 15 years.

2. Putting it Off

life insuranceEveryone is vulnerable to serious health problems or unforeseen accidents, even if those situations seem like they only happen to other people. Every day you go without life insurance coverage leaves your family exposed to major risk, which will grow as you age. Plus, the younger you are when you get your policy, the more affordable it will be.

3. Insufficient Term

A 10-year policy may seem less expensive, but it could cost a lot more in the long run. For instance, if you develop a chronic illness or some other risk factor before your term expires, the premiums on your next plan could go up drastically. Typically, the span should last at least until your kids go off to college, or until you retire, depending on your goals and priorities.

 

The expert agents at Kleppinger Insurance, LLC, provide excellent customer service and high-quality policies to families throughout the Bethlehem, PA, area. They’ll take the time to sit down with you, identify your needs, and shop around to find a life insurance policy that provides the coverage you need at the best rates possible. To request your free quote, call (484) 357-1485 or visit their website today, and remember to follow their Facebook for more tips and expert advice.

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