Article provided by: Quote Savage
Buying life insurance is only the first of your interactions with your insurance company. How you conduct yourself from the beginning will greatly determine whether your policy will be of any help to you and your beneficiaries. A good insurance agent will let you know of the options you have once you’ve signed an insurance contract.
At Quote Savage, we advise our clients about insurance practices that protect them from risking their policies. We get them ready for anything that may happen within the term of their policy, and after it has expired. If you’re looking for life insurance in Bradenton, we’ve got you covered.
Which Life Insurance Mistakes Should You Avoid?
Mistakes made when buying or after signing a life insurance policy can cost your beneficiaries the benefits that they deserve. Some of the mistakes to avoid include:
- Failing to Shop Around
There are many life insurance providers with different offers. You should get at least three different quotes before making your decision. That’s one sure-fire way of finding the best deal.
- Only Considering Premium Rates
A policy may be cheap, but the payment to your beneficiaries may not be enough to cover their needs. A policy that’s a bit costly may give you just the coverage you need. Consider the coverage of your policy to see if it would be better to pay higher premiums, or whether the lower rates are suitable for your dependents.
- Failing to Budget
Once you get a policy, you’ll need to pay premiums either monthly or annually. It’s, therefore, better to plan for your installment expenses so that you don’t fall behind payment. Failure to pay your premiums on time may lead to policy cancellation.
Another common mistake that policy buyers make is getting term life insurance when a permanent one could be a better option. If a term life insurance expires before you pass away, your beneficiaries won’t get paid, and you may have to buy another policy.
What Can You Do When Your Term Life Insurance Nears Expiration?
To avoid losing years' worth of premium payments, you can take the following steps when your term life insurance nears expiration:
- Renew your policy by paying a renewal premium. A renewal extends the term of your policy.
- If you can, it's better to convert your term life insurance into a permanent one. A permanent policy provides lifelong coverage and is not restricted to a certain number of years.
Converting Term Life Insurance to Permanent Life Policy
To convert a term life insurance to a permanent one, you’ll need to adhere to the company’s policies. If your term life policy can be converted, it may have age limitations. Most companies only allow conversions before the ages of 65-70. You’ll also be required to make the conversion before the term period expires.
Your insurance cover should be a worthy investment. Here at Quote Savage, we will help you get your life insurance in Bradenton, then show you how to get the most out of it. Get in touch with us on (727) 900-5888 for more information about our services.Life insurance Bradenton
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