By
Sila Rodney
A common mistake made by many insurance shoppers is waiting for
too long or procrastinating to get coverage. Delay often leaves your
loved ones exposed to many risks in the event that something happens to
you.
Furthermore, the more you delay getting an affordable cover becomes more challenging. You could easily fall sick, meaning you would have to pay higher premiums.
Procrastinating is risky financially because this could result in limited coverage or no cover at all. The other mistakes made by shoppers looking for life insurance for seniors include:
· Relying on quick online quotes alone
Shoppers often make the mistake of relying solely on quick online quotes. These tools come handy in providing an estimate of the premium you will be expected to pay. But the real rate is determined by taking into consideration several factors, including age, medical history, health, needs and budget.
An item that is as important as insurance should not be purchased from a stranger. It is important to buy insurance from a company you can contact and are comfortable with. Furthermore, the insurance company you choose should have been in operation for many years.
· Assuming people with pre-existing medical condition cannot get insurance
There are policies available for people with health problems. However, it is important to give exact information about your health. This will help the insurance agent to recommend the most right policy.
A medical exam may be required by some of the insurance carriers. If you prove you regularly visit your doctor and you are on medication to control the problem, the insurance company can review your premium downwards, qualifying you for lower rates.
· Choosing term life only
Term insurance is temporary. It is issued to cater for a period time. The life expectancy is improving today and as a result more people are opting for the 20, 25 and 30 year term policies. The choice for these types of insurance is influenced by the fact that they are cheaper now more than ever.
However, people need the life-long coverage because needs are long-term. Therefore, if you want to make sure your loved ones do not lose their home or if you want to protect your children from paying estate taxes, you need permanent protection. A good company will be ready to show you the benefits attributable to different choices.
· Neglecting to review your needs and/or policy
It is important to review your insurance needs and coverage, the same way you review other financial decisions, such as your retirement plan. It is important to review your policy after three years because your needs could have changed during this period. This will help you decide whether you need more or less cover.
Furthermore, the more you delay getting an affordable cover becomes more challenging. You could easily fall sick, meaning you would have to pay higher premiums.
Procrastinating is risky financially because this could result in limited coverage or no cover at all. The other mistakes made by shoppers looking for life insurance for seniors include:
· Relying on quick online quotes alone
Shoppers often make the mistake of relying solely on quick online quotes. These tools come handy in providing an estimate of the premium you will be expected to pay. But the real rate is determined by taking into consideration several factors, including age, medical history, health, needs and budget.
An item that is as important as insurance should not be purchased from a stranger. It is important to buy insurance from a company you can contact and are comfortable with. Furthermore, the insurance company you choose should have been in operation for many years.
· Assuming people with pre-existing medical condition cannot get insurance
There are policies available for people with health problems. However, it is important to give exact information about your health. This will help the insurance agent to recommend the most right policy.
A medical exam may be required by some of the insurance carriers. If you prove you regularly visit your doctor and you are on medication to control the problem, the insurance company can review your premium downwards, qualifying you for lower rates.
· Choosing term life only
Term insurance is temporary. It is issued to cater for a period time. The life expectancy is improving today and as a result more people are opting for the 20, 25 and 30 year term policies. The choice for these types of insurance is influenced by the fact that they are cheaper now more than ever.
However, people need the life-long coverage because needs are long-term. Therefore, if you want to make sure your loved ones do not lose their home or if you want to protect your children from paying estate taxes, you need permanent protection. A good company will be ready to show you the benefits attributable to different choices.
· Neglecting to review your needs and/or policy
It is important to review your insurance needs and coverage, the same way you review other financial decisions, such as your retirement plan. It is important to review your policy after three years because your needs could have changed during this period. This will help you decide whether you need more or less cover.
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