Buying life insurance is easier than you may think. For most policies, there are only a few steps: you fill out an application, undergo a medical exam and then wait a few days while your policy is underwritten. But sometimes people stumble during the process and buy the wrong amount of coverage or even the wrong type of policy. To prevent that from happening, here are three common mistakes people make when buying life insurance and how you can avoid making them yourself. 
Not Buying Enough Coverage
Whole life insurance usually costs more than term life insurance because it provides more comprehensive coverage for life. In some cases, people cut back on their coverage to afford their premiums. But if you don't have enough insurance to cover your risks, it defeats the purpose of life insurance entirely. Before buying life insurance, determine your coverage needs and budget, then pick a policy accordingly.
Buying Too Much Coverage
Term life insurance covers you for a specified period of time, known as the term. But many people overestimate how long they'll need life insurance, thus buying a lot more than they need. As you grow older, chances are you'll have fewer debts and less expensive mortgage payments (not to mention, fewer expenses once the children grow up), meaning you'll need less life coverage. Therefore, it's always important to take into account your total wealth (e.g., owned assets and retirement savings) and current needs so you can adjust your coverage according to your changing needs.
Relying Too Much on Your Employer's Policy
If you're lucky enough to have life insurance through your employer, remember that it's typically capped at an amount that’s less than what you actually need to cover your risks. This is called your "coverage gap," which represents the difference between your financial risk and your current coverage. It's always best to know exactly what and how much life insurance your employer provides. Oftentimes, your employer-sponsored life insurance coverage ends once you leave the job. If that's the case, you need to refill that missing coverage and replace the policy quickly, either through your new employer or a private insurer.
Get the facts today. Call Driscoll & Driscoll Insurance Agency at 661-266-9390 for more information on life insurance.