Life insurance coverage is meant to give you and your loved ones financial peace of mind in a worst case scenario – but what if your insurance company won’t pay? If you’re not careful, there are a number of behaviors that could make your coverage null and void. Here are the top mistakes to avoid.
Not sure of your life insurance needs? Insurance can be bought to provide coverage for a number of reasons. Some insurance consumers are looking to provide income for loved ones in case they should die, while others want to cover ongoing financial commitments such as a mortgage or tuition. Others are looking to add to their financial assets and build equity over time.
Life insurance is financial coverage that pays a specified amount of money to a chosen beneficiary upon the death of the main policy holder. The face value of the insurance policy is paid by the insurer in exchange for regular payments over the insurance term, referred to as premiums.