Life insurance is extremely important if you're in your 40s, 50s, 60s, and beyond. In 2015, about 55% of Americans would recommend affordable term life insurance to someone else and in 2016, after an increase of 11%, about 66% of Americans recommended policies.
You have to be careful, however, to not make any mistakes when it comes to these insurance policies. Here are a few common insurance mistakes that people make.
Waiting to Get Covered
Remember to consider that these insurance policies are actually insuring your life. Just because it's your life, that doesn't mean it doesn’t impact others involved in your life like your family and close friends. Waiting too long to get insured will leave your family vulnerable and at risk of struggling financially should you unexpectedly pass -- on top of the emotional stress -- and that can be extremely overwhelming. It’s never too early to ensure that your family will be taken care of in the future, should anything ever happen.
Forgetting About Your Policy
Just because you've made your policy effective doesn't mean that you can’t maintain it. Life is always changing and specific relationships as well as family issues arise and can alter your future. You should always review your insurance policy and adjust it accordingly after any major changes happen to your family or in your life to ensure your insurance policy reflects your current situation. Even if you have had the same coverage for 15 years, you can easily go back and have it adjusted.
Having No Insurance Policy At All
Waiting too long or never adjusting you policy are mistakes people certainly make, but the worst mistake anyone can make involving insurance is by simply not having any. You might think that since you and your family are happy and healthy, that you don't really need any insurance. If you look at it like this, it's difficult to justify spending the extra cash for something that you don't really think is necessary. If you think about your life or your family's future, however, you'll realize how important it is for you to have a great policy.
If you want to learn more about health and life insurance policies, contact Bankers Fidelity today.
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Understanding Medicare Supplement
Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. The Medicare Supplement products issued by the Company are insurance policies. Policy form series B 21092 is issued by Bankers Fidelity Life Insurance Company®, Atlanta, GA; policy form series B 21492 is issued by Bankers Fidelity Assurance CompanyTM, Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Individually underwritten; application to determine eligibility required.
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