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Insuring Against Mistakes

Some things to consider when buying life insurance:

BUY convertible term insurance if you do not have time to understand the risks of a proposed cash-value policy.

ASK the agent if you can get a better deal by combining one or more riders with base coverage.

PAY the minimum premium to get the policy in full force, and then review the contract to decide on the best premium schedule.

ASK the agent for a commission estimate.

GET a second opinion from someone who does not have a financial stake in your purchase.

DO NOT assume that you have to pay a premium just because you get a premium notice.

READ your contract to get a better understanding of the options that you have.

DO NOT drop a policy without checking to see if it makes sense to do a tax-free exchange to an annuity.