2) Applying for an inferior amount of coverage. For example, if breadwinner of family dies prematurely will you have enough money to replace his or her income or will you have to sell your home, downsize, cut costs dramatically? What about future expenses, college tuition, mortgage payments, etc.
3) Assuming that the life insurance rate for which you qualify is the best available to you. Every insurance company underwrites a little differently. Since 1969, we have saved our clients hundreds of thousands of dollars by re-shopping their life insurance after an initial “higher than expected” approval.
4) Not reviewing old life insurance policies. Rates and products are constantly changing and term life and permanent insurance rates are at all time lows. The best rates available to you now may be significantly lower than what you are currently paying on existing policies. We review all of our client’s policies periodically to see if any savings or a better policy may be available.
5) Lapsing or canceling any term life insurance or permanent insurance policy before finding out what the policy may be worth in the Life Settlement market. Many term policy holders age 70 or older may be able to “sell” their term policies for cash and permanent insurance policy holders may be able to get more money than their cash surrender value.
Visit www.americanterm.com for the best life insurance rates and value!