Can’t Miss Insurance for Your College Student
Make sure your life insurance gives you the coverage you need!
When you purchase life insurance you expect it to be there for your family. However, you need to keep an eye on your insurance. Make sure that your loved ones get the benefits that they deserve and avoid common life insurance mistakes. Check out these ways that you can stay on top of your coverage.
Mistake: You’ve only named one beneficiary.
Why It’s A Problem: Should the sole beneficiary on the policy go before you, all your benefits will wind up going to your estate.
Solution: Make sure that you name at least two additional beneficiaries. That way should anything happen to the primary beneficiary, your benefits will still go to those who you intended the coverage to go to.
Mistake: You purchased your life insurance through a professional organization.
Why It’s A Problem: While it may have been convenient, you likely haven’t gotten any sort of deal on your coverage. When you buy a policy through a group or organization, the group rates and coverage is one size fits all and it may not be the best fit for your needs.
Solution: Before you commit to a group rate policy, be sure to do your homework. Be sure to evaluate your coverage needs and compare the group policy to other coverage plans that you’ve looked into. Should the group policy give you the best coverage, by all means proceed with the group rate, but should you find a better policy it’s best to sign up with them.
Mistake: You buy a policy and assume you’re covered for life. You never review your policy.
Why It’s A Problem: When you don’t look over your policies every once and a while you could be subject to rate increases or coverage changes. Plus, you may want to add someone to your policy.
Solution: Be sure to look over your policy, at least, every three years if not annually. When you look over your policy, you’re better able to catch mistakes and make coverage amendments to better suit your needs.
Stay on top of your life insurance coverage. For help finding the right policies, contact the professionals at Cook, Disharoon & Greathouse, Inc. Located in Oakland, California, we serve all your personal and commercial insurance needs.
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