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Don’t Make These Common Life Insurance Mistakes

Mistakes

Is it eegit or eejit?

In either case, none of us like to look like one.

In fact we’ll do everything we can to avoid looking daft…

…that’s why we practice. Whether it be a golf swing,
a dance move or a speech, we practice beforehand so we
don’t look silly on the big day.

So how do you avoid looking like an eegit/eejit when it comes to
arranging life insurance cover?

In this post, we’ll look at ways to avoid making common life insurance mistakes.
I’ll break it down into:

  • Bad life insurance companies
  • Bad life insurance policies
  • Bad life insurance advisors

Ok,  let’s start with the life insurance companies.

Life Insurance Mistake #1  Companies

You probably think all life insurance companies are the same – money grabbing parasites.
Harsh but true. Like all insurers, they’re in it to make a profit. But to make a profit,
they need your trust. Otherwise you won’t buy their policy.

For this reason they need to pay legitimate claims as quickly as possible.
In my experience (and I’ve processed a number of death and serious illness claims)
all of the insurers we deal with process claims efficiently.

If you find a company we don’t deal with, you should do your own research on their solvency
and claims record before doing business with them. Simply ask them about their financial strength,
past claims record and their ability to meet all the claims on their books.
If they um and ah, maybe you should think twice about doing business.

Moving onto comparing life insurance policies

Life Insurance Mistake #2 Policies

Again, it’s a common misconception that all life insurance policies are the same.
They’re not – did you click on the link above?

Unfortunately you won’t realise how bad a policy is until you or your loved
ones have to make a claim. Only then will you understand that your policy doesn’t
pay out on death in the first two years or that there is an exclusion for a
certain illness.

Reviewable whole of life policies are the worst culprits here. I’ve had
numerous clients contact me in a blind panic when they realise they can no
longer afford their policy after it has been reviewed and the price increased.

Ask lots of questions before you sign on the dotted line.

If you have a question that you can’t find an answer to,
please get in touch below and I’ll try to help.

Finally let’s look at life insurance advisors.

Life Insurance Mistake #3 Advisors

I’m biased but choosing a trustworthy life insurance advisor is the easiest
way to make sure you’re not making any mistakes when it comes to life insurance.

When it comes to selecting a financial advisor, follow these simple steps.

    • Ask to see qualifications or check here
    • Make sure s/he deals with over 5 life insurance companies
    • Ask to get in touch with previous clients to see what they say

Here’s what our clients are saying about us.

Life Insurance Mistakes – Conclusion

Pick a trustworthy, qualified life insurance broker who will help you avoid
mistakes when it comes to choosing the best policy and insurer.

Ask your broker lots of questions, get answers then ask him some more
questions.

Buying life insurance is a big deal. Don’t take the decision lightly.
Remember, it may be all that stands between your family and financial ruin.

If you’re considering life insurance and would like some advice, please
get in touch by completing the short form below.

Nick McGowan LION.ie

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