Trap #5: Not getting a policy that is inflation-proof

If you’ve read the guide then you know how critical this is and how to structure a plan so you save thousands over the life of your policy.  (If not, read the guide).  

This may be your most important consideration since inflation grows expenses. Inflation is something we can count on, so we need to be adequately prepared for it, especially as we look down a road that could stretch for 20 years or more.

It is important to know if your policy gives you the right to add coverage at a later date, or if your coverage increases automatically.

Trap #6: Not being able to back out of a policy

Will you be able to review and get your money back in the first 30 days of purchase?

You should be able to back out it you change your mind or discover the policy is not in your best interest. Not only should your policy give you a way out if you are displeased, but you also want to receive a refund.  (If you’ve read the guide then you’ll know if the policy is really for you because until you get the actual contract you will not know if the policy is right for you or even benefits you.  This is on page 63 of the guide).

Trap #7: Not being able to keep a policy indefinitely

Can you keep your policy as long as you pay the premiums, or will the company be able to drop you?

Does your policy also include a non-forfeiture benefit which will continue to pay for your care even if you stop paying the premiums? That feature in not totally necessary and can increase your premiums costs, but it is still important to keep in mind.    As a side-note, be very careful of riders because they tend to favor the insurance companies.  Always weigh the financial gain vs. loss before purchasing riders as agents make a lot of money off of them.