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When buying life insurance coverage, most people don’t have a complete map.  Without all the information to make the best decisions, many people make mistakes that lead to buyer’s remorse.  But you don’t have to worry, you can recognize and sidestep the common pitfalls people make.

Don’t end up frustrated, discouraged, unsatisfied, or without protection in your greatest hour of need. If so, what you buy won't serve you the way you thought it would. 

Instead, you can make the best life insurance decisions by learning what not to do. 

Table of contentsWhat We’ll CoverWhere Life Insurance Policies Fits into the Cash Flow System10 Mistakes to Avoid When Buying Life Insurance#1) Not Getting Your Full Human Life ValueMyth: Worth More Dead Than AliveMyth: Life Insurance Is Needs-BasedMyth: There’s Always Tomorrow#2) Not Buying the Right Types of Life InsuranceOnly Buying a Term Life Insurance PolicyBuying a Permanent Life Insurance Policy That Lacks Guarantees#3) Trying to Save Money#4) Focusing Only on Death Benefit#5) Relying on Group Coverage#6) Not the Right Product Design#7) Not Buying With the Right Life Insurance Carriers#8) Not Buying the Right Life Insurance RidersPaid-Up Additions RiderWaiver of Premium RiderAccelerated Death Benefit Rider (Terminal Illness and Chronic Illness Riders)Convertibility Rider#9) Over-Analyzing#10) Not Buying Life Insurance Soon EnoughYour Decision Point

What We’ll Cover

Today, we’ll simply answer the question:

What are the most common mistakes people make when buying life insurance?

We’ll help you avoid the pitfalls and win at purchasing life insurance policies.  With this information, you’ll get the protection that serves you the most. Then, you'll have the greatest peace of mind and best accomplish your goals.

Where Life Insurance Policies Fits into the Cash Flow System

Life insurance is just one small step in the greater journey of building time and money freedom. 

That’s why we’ve put together the 3-step Entrepreneur’s Cash Flow System. 

The first step is keeping more of the money you make.  This includes tax planning, debt restructuring, cash flow awareness, and restructuring your savings. This step frees up and increases your cash flow, so you have more to invest.

Then, you’ll protect your money with insurance and legal protection, and Privatized Banking.  This second stage is where all aspects of insurance and Privatized Banking live. Here, you’ll create the right canopy of protection in your financial life. And, you'll secure your ability to control your access to capital, by being your own banker. 

Finally, you’ll put your money to work and get it to make more. You'll invest in cash-flowing assets to build time and money freedom and leave a rich legacy.

As you are empowered to make the best life insurance decisions, you’ll move beyond analysis paralysis and make forward traction. Then, you’ll gain momentum on your journey to building time and money freedom.

10 Mistakes to Avoid When Buying Life Insurance

These mistakes and the myths associated with them should generate great questions to ask before you fill out any life insurance applications, look at life insurance quotes or get life insurance rates.

#1) Not Getting Your Full Human Life Value

Many people get less than the maximum insurance they qualify for, leaving them underinsured. 

You wouldn’t want to insure your car or your house for only half its value. So why would you leave your most valuable asset only partly protected? You are the originator of all of your other assets, the producer of your life’s wealth.  Insurance protection should start at the source. 

This widely common mistake stems from mainstream skepticism about insurance. Upon further investigation, these ideas come from one of the top three myths about insurance.

Myth: Worth More Dead Than Alive