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When choosing the perfect life insurance plan, there are dozens of factors to consider. Beyond the weight of determining how your family will be cared for after your passing, you’d do well to avoid these pitfalls when choosing plans and assigning beneficiaries. And please, when in doubt, don’t hesitate to contact a professional. It’s their job to know the inner-workings of the life insurance industry, not yours.


Never Name A Child: Though your children are likely the first thing that leap to mind when you think of protecting your future, be sure not to overstep and name them in your Will. Not only is it irresponsible to put the weight of shouldering this burden on a child, they aren’t legally able to receive the money until they are of age. Even so, there are countless horror stories of wealth being squandered by children too irresponsible to save. Imagine inheriting $78,000 from a parents life insurance, blowing it on a sports car, and then having it stolen in one week. Seem too wrong to believe? Well, it happened.

Avoid Group Insurance: While the idea of saving some spare bucks is enough to turn anyone’s attention, I suggest that you avoid going in on life insurance offered by our company. The times have taught us that job turnover is rapid, and the job you have today may be gone like a wisp of smoke tomorrow, taking your life insurance with it. Instead of banking on working where you currently are for the rest of your life, why not invest in a personal policy? That way, regardless of what happens, you’re protected.Robert Taurosa

Living Benefits: When choosing a policy, I suggest you pick one that offers living benefits. Whether you need the money to help afford a medical bill or minor expense, most modern policies offer an option to draw money from your healthy policy for expenses while you’re breathing enough to use it.