When a person buys term life insurance in Topeka KS, there are mistakes to avoid, and doing it will save the customer money and time. Because a life insurance policy is non-refundable once it is issued, the customer should be sure to avoid these mistakes when making an application for term life insurance through Bpminsurance.com.
Choosing a Term of the Wrong Length
Because term life insurance is typically bought by the budget-conscious, a person could easily slip up by choosing an inadequate term. For instance, a person may decide to go for a short term to keep premiums low. However, such a strategy could be a mistake for a customer with small children. When selecting term life coverage, the customer should match the insurance term with their needs.
Buying Insufficient Coverage
One of the benefits of term life coverage is that, because it isn’t as expensive as whole life, the customer can buy a larger policy. However, some are tempted to save more by buying the least possible coverage. Whichever type of coverage a person selects, they should ensure that it will allow them to protect the family in the event of an untimely death.
Assuming a Preliminary Quote is Set in Stone
When a customer applies for Term Life Insurance in Topeka KS, they receive an initial quote based on the information they’ve provided. While an initial quote may seem tempting, it is subject to change. After an application is submitted, it undergoes an underwriting process unless the person applies for guaranteed issue insurance. Underwriters look at the person’s medical records, credit history, criminal background and employment history, and some customers must undergo a medical exam. Though some people get a lower-than-quoted price, in many cases, the opposite is true.
Not Being Truthful
A major reason for a higher than anticipated insurance premium is an untruthful applicant. Actual prices are closer to quoted numbers if the certain negative information is hidden, but the quote would be invalidated if the info is uncovered. Unless a customer is honest about his or her health, they will get lowball prices that are not realistic.
