Life insurance is a wonderful way to ensure that your family will be well taken care of when your time is finally up. No one is really excited to think about their own death and sometimes this causes us to put it off all together. However, this is one of many mistakes that individuals often make when it comes to life insurance. In order to keep you on the straight and narrow, here are some mistakes you should try to avoid.
MISTAKE 1: Having no life insurance at all!
As we mentioned earlier, no one likes to think about their own death and when you are feeling fine, it seems like an unnecessary worry to have. But take a second to stop and consider all the important people in your life. If you weren’t there, how would they be impacted financially? It’s not fun to think about, but life insurance is a critical tool to ensuring your family feels financially supported should anything happen to you. If you have left over debt or there are funeral costs, your life insurance ensures that your family won’t have to pay the price.
MISTAKE 2: Relying solely on employer-provided workplace life insurance!
Life insurance provided by your workplace is an excellent benefit and can serve as a good starting point for your base coverage. However this life insurance is exactly that, a starting point. There are several kinds of costs that could remain long after you are dead so you need to ensure that your life insurance has everything covered and not just the bare minimum. To do so, you can purchase additional coverage through your employer or on your own to help fill the gap.
MISTAKE 3: Leaving retirement savings vulnerable!
If you do not have any or enough life insurance, your family is likely to look to your retirement savings for financial support. Though this may seem like a safe solution for finding additional resources, but it isn’t recommended. If you are the higher earner in the family, your spouse may have been relying on those savings for his or her own retirement. Similarly, if your spouse is forced to liquidate or take large loans from the retirement account, it will hurt the potential long-term investment gains that would have benefited your family down the road.
Here at Amistad Insurance Services, we want to make sure you get the life insurance you need without you having to make mistakes along the way. With our help, you can rest assure that your family will be well taken care of after you are gone so you can have some peace of mind. Contact us today at 919.926.7166 for Raleigh life insurance quote.
