2 Life Insurance Policies You Should Never Buy

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Here are four types of life insurance products that you should avoid buying.

Life insurance functions as an important safety net for many families. It offers maximum protection to your dependents in the event of your death. If you are a first-time life insurance buyer, you will undeniably be confused with all the enticing life insurance options out there. In this article, we will enumerate the policies that you should avoid at all costs!

In essence, there are two types of insurance:

  • Level term that insurance will be more than enough for dependents to live comfortable after your death.
  • Permanent life insurance is for those who have large estates subjected to tax.

Here are insurance policies that you can live without:

  • Guaranteed issue insurance features expensive premiums. They are being marketed to older policy owners or those who are suffering from serious medical conditions. In the event that you death is within 2 years after purchase, the insurers will simply return the paid premiums. Instead of purchasing a guaranteed life insurance, why not purchase a life insurance specifically designed with seniors in mind. They feature lower insurance premiums and offer guaranteed death benefits as well.
  • Life insurance for children is unnecessary (like the stuff found on DoCoop Website). Let’s state the obvious here- children are young enough to need a life insurance policy under their name. If you want to make a wise investment on your children, it is a better solution to simply open a college fund for them. Children are general healthy and should never be given a life insurance policy.