1. Postpone for a long time and wait for something to buy.

One of the main factors that affect the cost of life insurance is age.
The younger you are at the time of purchasing life insurance, the lower the cost.
Why wait until an insured event occurs !?
Why put off protecting your family for later !?

2. To doubt that life insurance is reliable.Β 

Understanding the importance and long-term nature of financial obligations, in the strategy of investing insurance reserves, insurers adhere to a conservative approach and engage in risk-free investments to ensure the safety of customers’ capital.
If the company has a problem with meeting its obligations, the reinsurance system is activated.
Throughout the history of accumulative insurance, there have been no cases of non-fulfillment of obligations to customers.

3.Β Β To think that life insurance is, first of all, an investment, and only then protection.

Life insurance is primarily aimed at reducing financial risks in case of health problems and is a basic part of each person’s financial portfolio.
Certainly, endowment insurance allows you to generate capital for a certain time, but obtaining the benefits from an investment is not its main goal.
The main idea is financial support for the family in case something serious happens to the health and life of the insured.Β Although, three opportunities to increase funds in the form of a tax deduction, additional income and indexation do make life insurance a financially attractive tool.

4. Focus only on the size of the premium.

If at the conclusion of the insurance contract for you the determining factor is the amount of the insurance premium – this is wrong.
First you need to determine what kind of insurance program is needed: aimed at protecting or accumulating, what risks and for what amount you would like to insure against, for how long is the insurance?
Then you need to choose an insurance product that is right for you.

5.Β Β Underestimate the required coverage.

Make sure you realistically determine the amount of insurance coverage for yourself.
Take the time to calculate the amount as accurately as possible.
How much money does your family spend today?
How much money is needed to maintain the same standard of living after retirement (or loss of working capacity/retirement) of one or more family members?

6. Thinking that you cannot afford life insurance.

The average cost of life insurance is so small compared to the total budget that even small concessions such as minimizing waste and restricting frivolous purchases can give you the opportunity to purchase a much-needed financial instrument.

7.Β Β Buy an insurance program with a minimum set of risks.

Basic insurance, compensation for which occurs only upon the death of the insured or surviving before the end of the insurance policy, is suitable for many people but is not able to demonstrate all the benefits of life insurance and protect a person financially from injury, disability, hospitalization or serious illness.
Connecting additional programs such as personal injury, disability or critical illness insurance can be crucial …

8. Rely only on corporate insurance.Β 

Corporate insurance as part of the workplace benefits package is a big advantage.
But, most employer plans offer only the principal and a certain type of life insurance.
Often, this is the minimum insurance premium and minimum program.
This amount will not fully provide a worthy future and may not be suitable for the specific situation in your family.
In addition, most corporate life insurance policies are terminated when a person ceases to work in a company.
It is wise to have an individual life insurance policy in addition to corporate.

9. Assuming that you are not eligible for insurance as a result of health problems.

Current or previous health problems cannot deter you from being able to provide financial security for your family.
Perhaps you just need to more carefully prepare the process of buying life insurance (undergo a physical examination, take the necessary certificates).
Each company has a large selection of insurance programs with various covers and an insurance consultant will help you make the best choice.

10. Do not be completely honest when filling out a life insurance application.

Some people may be inclined to omit certain information or hide the truth about their health, lifestyle or family history in order to try to lower the cost of insurance.
Please note that the provision of false information may lead to non-payment, as this is a fraud of the company.

11. Forget to change the beneficiary of the policy.

Beneficiary – a person who will receive payment in case the worst happens to you.
His choice must be approached responsibly.
If your life circumstances or family status have changed, you need to make changes to your policy to make sure that the one who is important to you will receive the insurance compensation!


By avoiding these life insurance mistakes, you can guarantee financial protection and security for yourself and your family!


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