a life insurance agent in a suit

14 November 2019 0 Comments Category: Article Archives, Life Insurance

What Your Life Insurance Agent May Not Tell You

Keep these life insurance facts in mind.

When buying life insurance through an agent, he or she should inform you about the products suited for you. However, some agents may mislead you into buying the wrong product for your needs. Keep in mind these few things that life insurance agents may not always tell you upfront.

Not everyone needs life insurance.

Just because you have an income doesn’t mean you need to buy life insurance. Life insurance is beneficial for those who have mortgages, kids, a spouse, dependents, and debt. If you’re single, have no children, and have enough money to cover debts and expenses after you die, you may not need life insurance.

It’s possible to be over-insured.

Although it may sound good to have too much insurance, it rarely impacts your family significantly. You should purchase just enough insurance to cover your mortgage, as well as any remaining debts, funeral expenses, and maybe a few years of living expenses. Buying too much more coverage can hurt your current finances.

Permanent life insurance isn’t right for everyone.

There are two types of life insurance policies – term and permanent. Term covers you for a set amount of time, say 10 or 20 years. Permanent is just that – permanent. It covers you for your entire life. Although it does offer benefits that a term policy doesn’t, such as fixed rates and building cash value, these policies tend to be more expensive. They may not be right for people who don’t have a long-term need for coverage.

Only purchase life insurance from professionals that have your best interest in mind. To speak to a team you can trust, contact the professionals at Massive Insurance. We are ready to get you the right life insurance coverage today.