You faithfully paid your life insurance premiums for decades, all to make sure your funeral expenses would be paid for and your loved ones would be covered financially.
But what would happen if you and your policy’s beneficiary both suddenly died? Or, what happens if your beneficiary died shortly after you did? A beneficiary is the person whom you designate to receive your life insurance proceeds when you die.
Are you ever too old to buy life insurance? The older you are, the more expensive coverage will likely be. But that doesn’t mean you are uninsurable. When it comes to age and life insurance premiums, the relationship is directly proportional: The older you are, the more expensive your policy will likely be. But just because your premium increases with age doesn’t mean the likelihood that you’ll be denied coverage increases as well. As with…
Purchasing life insurance is an important piece of a person’s financial pie and needs to be carefully thought out, considering your family’s financial future could be hanging in the balance should you die.
Here are some common mistakes people make when buying life insurance coverage and how to avoid them.