For many families, the consequences of a sole breadwinner’s death can be devastating. Life insurance is a useful tool that provides financial security to a policy holder’s loved ones in the event of a tragedy. Whether it is paying the mortgage or paying for children’s college education, a life insurance plan can ensure that they remain financially stable and maintain their current standard of living. And when it is about securing your loved ones’ financial interests, there is little room for blunders.
It is vital to make an informed decision by avoiding any costly mistakes, big or small. So, how can you go about making a foolproof purchase and avoid some common pitfalls to get the coverage your dependents may need in your absence? Let’s take a look.
