Buying life insurance online can be a daunting process for seniors. Knowing what to avoid is crucial.

Common Mistakes to Avoid

• Not Understanding Policy Types: Seniors often confuse term and whole life policies.
• Ignoring Health Conditions: Not being honest about health can lead to denied claims.
• Overlooking Coverage Amount: They may underestimate how much coverage they truly need.
• Skipping Comparison Shopping: Failure to compare different insurers can lead to missed savings.
• Not Reading the Fine Print: Important details about exclusions and limitations are often missed.
• Relying Solely on Online Tools: Technology cannot replace personalized advice from experts.
• Neglecting to Review Benefits: Policies should be periodically reassessed based on changing needs.

Common Life Insurance Policy Types

Key Questions Seniors Should Consider

• What is your primary purpose for insurance?
• Do you have dependents relying on your income?
• What are your long-term financial goals?
• How does this policy fit into your retirement planning?
• Are there riders you need to consider, such as critical illness coverage?

Statistics on Life Insurance Purchases by Seniors

Mind Map: Life Insurance Considerations

• Life Insurance
  • Types of Policies
    • Term Life
    • Whole Life
    • Universal Life
  • Key Questions
    • Purpose
    • Dependents
    • Financial Goals
  • Common Mistakes
    • Not Comparing
    • Ignoring Conditions