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image of a life insurance policyMany people put off buying life insurance because of the fear that if they buy a policy, they increase their chances of dying. You probably know the joke, there are only two certainties in life: death and taxes. It's going to happen some day, regardless of if you have insurance. Therefore, get the coverage you need today.

Once you come to realize how important life insurance is, don't fall victim to common mistakes. Here are five mistakes that people make, and how you can avoid them:

1. They wait to buy life insurance.

Life insurance is an expense, not an investment. It costs money each year. Some people use this expense as a reason to not buy it. They think: I'll wait until I've got a better job. Finish having kids. Buy a house.

Just like health, home and auto insurance, life insurance is essential. Every day you wait, you risk price increases. You also risk suffering a health setback that prevents you from getting coverage.

2. They buy too little coverage.

Numbers are funny things. If someone handed you $100,000 right now, you'd take it. You'd handle it well and make some dreams come true. But when you're given that as the payout of a life insurance claim, suddenly that same $100,000 isn't so much. The rule of thumb is to buy ten to twelve times your annual income in coverage. If you earn $75,000 a year, you should get $750,000 to $1 million in coverage.

3. They rely on employer provided life insurance policies.

Maybe you've avoided buying your own policy because your employer gives you one. This is a nice benefit but it's unreliable. At some point you might leave the company. You may find a better job, they may downsize, and eventually you will retire. When one of these three happen, you might face the prospect of going uninsured.

4. They insure only the income earner.

Even though someone doesn't earn an income doesn't mean they do not need life insurance. Their time taking care of the home and family is very valuable. Stay-at-home partners need life insurance, too. $500,000 in coverage is often a good amount for non-working partners.

5. They assume they cannot get coverage due to health issues.

Medicine always evolves, it is helping people overcome diseases. It's now possible for many cancer survivors and former smokers to get life insurance. It may cost more than their peers, but they can still get the coverage. Still, policyholders can often afford these policies.

Now you know how to avoid some of the most common mistakes people make about insurance. Take action by contacting a Full Armor Insurance Services, LLC agent at 208-664-6000 and selecting a policy today.

Posted 3:11 PM

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