5) Overestimating how much life insurance they need
Your life insurance policy is one of your greatest assets. It’s also a very powerful financial planning tool, so it’s important to understand how much coverage you actually need. Most people don’t want to think about death, but buying life insurance isn’t morbid—it’s smart! Be sure to consult with an expert who can work with you to determine how much life insurance you need and help you protect your loved ones financially.
6) Underestimating how much life insurance they need
One of biggest reasons why people don’t buy life insurance is that they undervalue their own lives. Unfortunately, it’s easy to forget how important we are to our families—and how valuable that is in financial terms. Undervaluing your life can leave your loved ones with a less-than-ideal sum if you pass away unexpectedly.