11 Most Common Insurance Buying Mistakes To Avoid

Most common insurance buying mistakes to avoid. Pretty couple discussing their insurance policy with an insurance agent.

(10) Glossing Over Insurance Policy Details

It is one of the most common insurance buying mistakes performed by a policy holder. People often underestimate the significance of reading & understanding details of a given policy.

You should select best insurance deals not merely on lowest premium quotes. But, by understanding the details of your policy. You should never hesitate to get clarification about unclear aspects of the policy before buying it.

It is quite unfortunate that several policy holders find out about things to be covered in their policy only when they are struck by an untoward incident.

[Read Also: 16 Critical Mistakes To Avoid When Buying Car Insurance]

(11) Assuming Insurance Is Not Affordable

It is one of the biggest yet common insurance buying mistakes to avoid by an individual. According to the U.S. Census Bureau report released on September 16, 2015, about 33 million Americans had no health insurance in 2014.

Similarly, about 40% of US households have no life insurance states LIMRA 2015 reports, a research & consulting organization for insurance & financial services.

Consumers prefer to skip policy coverage just because they think they can’t afford it; life insurance is 3 times more expensive as compared to its present rate; and unaware of possible advantages & discounts.

You can take help of professional agents to understand & analyze the affordability of a given policy for you.

[Read Also: 6 Situations When You Can Skip Life Insurance Policy]

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