The Pitfalls of Buying Life Insurance

Life Insurance

I knew this would get your attention. I know you are thinking, what do you mean there are pitfalls to buying life insurance? Why would you say that on your website that’s all about buying life insurance and how simple the process can be. The truth is, when you are thinking of buying life insurance, there are things you need to thoughtfully consider and if you don’t, you may find you’ve made some mistakes that can hurt you and your loved ones. By the time you discover this, it could very well be too late.

Let’s take the time now to review the list of common purchase pitfalls I’ve provided below. Each of them has consequences which you’ll want to understand. How do these apply to your situation? While not all of these pitfalls may apply to you, if even one does, you should address that now. If you are not sure, the best thing to do is talk with one of our licensed PivotCare team professionals. They can help you sort out your current and future situation to determine what your needs are and settle on the right course of action. They have one objective in mind…and that is to act in your best interest.

Common Life Insurance Purchase Pitfalls:

· Purchase too little

· Wait too long to purchase

· Buy riders you don’t really need

· Buy too short a term length

· Don’t pay attention to when rates will increase

· Rely solely on employer-sponsored coverage

· Overlook key expenses

· Overlook non-monetary benefits

· Only insure the primary breadwinner

· Think insurance is only for families

· Don’t research insurance carriers

· Setup beneficiary designations improperly

· Ignore estate tax consequences

· Avoid medically underwritten coverage

· Don’t review your coverage periodically

· Don’t work with a licensed professional

About the author:  Michele Cleary has been in the business for over 35 years and holds a CLTC designation. She believes that life insurance can give you and your family peace of mind, especially when you have other things to worry about. Michele now has 4 grown children and knows that proper planning is essential. You can reach her at 1-800-651-1953 or