A mistake I see many of the folks I work with make is to just pay that premium when it comes due without a thought as to whether it is still the best buy for them. If you are in good health... in particular "excellent" health... there might be somethng much better available for you than the term policy you took 10 to 15 years ago. In the past few years, insurers have revised the mortality tables to reflect linger life expectancies. Many now have several different pricing categories based on just how good your health is.
It was common for insurers to issue policies which were simply rated as "smoker" or "non-smoker". Now they have an array of prices really reward good health and good living. Additionally, there are more price breaks based on the size of the policy than in the past. For example: a $1 million policy might cost you less than a $925,000 policy because there is a cost-per-thousand break at that level. There are even term policies (yes they cost more) that will actually guarantee the return of your premium in 20 to 30 years if you decide you no longer need the coverage.
The only bigger mistake one can make is to let a policy lapse and leave your loved ones without protection. Call your trusted insurance prefessional today. It could make a real difference!
