1Mistake #1 – Not Having Any Life Insurance At All
Many people overlook life insurance because they see it as an extra unnecessary expense. But unless you are “self-insured” (i.e. have so much money saved up you can cover all your debt, as well as current and future expenses) you need to really think about the important benefits of life insurance. Although not comfortable to think about, imagine if you were to die and what would happen to your family with the financial debt you leave to them. How would that debt get paid (i.e. mortgage, student loans, car loans, credit cards, etc.)? Or what if you die before your kids are college age and you don’t have college money saved yet (life insurance could pay for their college)? Ready for another uncomfortable thought? Life insurance gets more expensive as you get older, so get a policy while you are young and healthy.