What Mistakes Should I Avoid When Buying Life Insurance?

Shawn Plummer

CEO, The Annuity Expert

What Mistakes Should I Avoid When Buying Life Insurance?

1. Waiting Too Long to Buy

Example: Jane, at 25, thinks she’s too young for life insurance. By 45, her premiums are significantly higher.

2. Getting the Wrong Type of Policy

Example: John chooses term life when he needed whole life, lacking coverage after the term ends.

3. Relying Only on Employer’s Insurance

Example: Emily loses her job and her life insurance coverage, leaving her family unprotected.

4. Focusing Only on the Premium

Example: Mark opts for the cheapest policy but finds it lacks critical features and adequate coverage.

5. Underestimating the Coverage You Need

Example: Alex buys a minimal policy, not considering future expenses like children’s education or mortgage.

6. Not Comparison Shopping

Example: Sarah buys the first policy she finds, missing out on better rates and terms available elsewhere.

Using an Experienced Agent

Benefits: An experienced agent, such as those at The Annuity Expert, can access numerous insurance companies, ensuring you get the best policy at the best rates.

Ensure your family’s financial security with our comprehensive life insurance policies

Key Considerations When Buying Life Insurance

TimingStart early to enjoy lower premiumsJane’s delayed purchase
Policy TypeMatch policy to long-term needsJohn’s term life mistake
Coverage SourceDon’t rely solely on employerEmily’s job loss risk
Premium vs. ValueBalance cost with featuresMark’s cheap but inadequate policy
Coverage AmountAssess future financial needsAlex’s underestimated expenses
Shopping AroundExplore multiple optionsSarah’s lack of comparison
Expert AdviceLeverage professional guidanceBenefits of using agents like The Annuity Expert


When buying life insurance, avoid common pitfalls such as delaying purchase, choosing the wrong policy type, relying solely on employer-provided insurance, focusing only on premiums, underestimating coverage needs, and not shopping around. Utilize experienced agents like those at The Annuity Expert for personalized advice and access to a variety of options. This guide ensures a comprehensive understanding of life insurance purchasing, leaving you well-informed and prepared.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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