3 Mistakes to Avoid When Buying Life Insurance for the First Time

A life insurance policy is becoming a critical financial plan for many people in Opelika, AL. While people buy the policy for different reasons, the purchase process should never be rushed. At Elliott & Associates Insurance, we advise our clients to spend some time researching their options, comparing prices and services before making any purchase. Rushing off to buy the cheapest policy near you could cost you in the long term. That’s just one mistake to avoid when purchasing insurance. Here are three more to avoid.

1.  Choosing the Wrong Type of Life Insurance Policy

When buying life insurance in Opelika, AL, your insurance provider will ask you to choose between term and permanent life insurance.  If you’re looking for a policy that will last a lifetime, it’s not wise to get term life insurance. Similarly, you should not buy permanent life insurance if you have a specific financial situation you want to be fixed, like a mortgage.

2.  Procrastinating Your Purchase

If you have already figured why you need life insurance, start making plans to buy as soon as possible. Procrastinating your purchase is one big mistake that most people overlook. Remember, the unfortunate reality is that we all may not live a long life. Ask yourself what would happen to your family if something happened to you. Additionally, life insurance is the only policy that is less expensive when you buy it while young. Ideally, the older you get, the more expensive it gets.

3.  Hiding Vital Information

When proving your personal information, it’s critical that you give the correct details such as your exact age, health status, and lifestyle choices such as smoking. If something happens to you and your insurance company finds out that you did not give the correct information, your beneficiaries may be denied the death benefit even if the cause of death is not related to the missing information.

Need help buying life insurance? Contact Elliott & Associates Insurance to help take you through the purchase process.