5 Mistakes to Avoid When Purchasing Whole Life Insurance!

Not searching for whole life insurance quotes or not evaluating your financial possibilities are some of the top 5 mistakes to avoid when purchasing whole life insurance:

financial insurancel-advisor1)     Not knowing what whole life insurance really is. Do not treat this contract with shallowness.  This is an investment that will be bound for life with you. It is really a great mistake to apply for it knowing little about whole life insurance. If all you know about it is that it is a permanent policy, then you should clearly do your homework. Read more about its investment and cash build components, unlockable features, attachable rides, investment options and so on.  Try to understand this policy first.

2)     Not informing about the life insurance company you wish to apply for.  With big brands is no need for extensive research, because they have enough experience and reputation. You do not have to worry about low quality services, because a whole lot of people will complain and it will be a media scandal. But, if you apply for a not so well-known company, you should check more about the activity of the company and if it was involved in scandals, trials or it received numerous complaints from customers.

3)     Not evaluating your budget before applying. Whole life insurance has fixed premiums and this will make it easier to plan your budget for several years. Still, before applying, you must know if you can afford paying for premiums or not. You should probably talk with an accountant.

4)     Avoiding to be counseled by a life insurance agent.  A life insurance agent will tell you if this policy is suitable for your plans or not.  It will also determine your risk profile and will tell you how to improve your rating.

5)     Not obtaining life insurance quotes. Before applying, we recommend you to get life insurance quotes and compare prices.

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