| Why some life insurance could prove risky for consumers | | |  | WED, JAN 22, 2020 | | | | Do you have life insurance? If so, is it a term life policy or whole life? Be honest; do you actually know?
Let's face it, getting a handle on insurance coverage can be complicated and overwhelming. And that means life insurance or coverage for health, your car or home.
It's safe to say that there's a lot of misinformation — and a lack of awareness — out there when it comes to insurance. And when someone doesn't have a full understanding of their insurance policies, chances are it can and will lead to a costly mistake. That's why it's key to do your homework beforehand in order to get the best insurance coverage available to protect your family's health, assets and financial well-being.
Remember, if you are buying insurance, you are making a decision about how you want to manage life's risks. Deciding on which insurance product you should buy can be confusing, but when you consider what you're trying to protect, taking the time to compare policies is more likely to give you what you want and need.
With that said, I spoke with some experts, and here are some tips to consider when it comes to dealing with any type of insurance: Shop around; only buy insurance to maintain your existing standard of living; find out what the policy doesn't cover; consider the cost effects of bundling several policies with one insurance carrier; review your insurance needs every year and never default on any payments.
For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow.
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