Rich Fox Insurance Agency

The most common life insurance mistakes often lead to higher costs, insufficient protection for loved ones, or claim denials during critical times.
Waiting too long to buy coverage.
Premiums are typically lower when you are younger and healthier.
Delaying purchase can result in much higher costs or even being denied coverage later due to new health issues.
Purchasing an inadequate amount of coverage.
Many people underestimate the long-term cost of living, which includes mortgage payments, child care, and education.
Common expert guidelines suggest carrying coverage equal to 10–15 times your annual salary to ensure full income replacement.
Relying solely on employer-provided group insurance.
Workplace policies often provide only one or two years of salary, which is rarely enough for long-term family needs.
This coverage typically ends if you lose or change your job, leaving you unprotected during a transition.
Choosing the wrong type of policy.
Mistakes often involve picking permanent (whole) life when a more affordable term policy would suffice, or vice versa.
For example, choosing a term that is too short (e.g., 10 years instead of 20) might leave you without coverage before your children are financially independent.
Neglecting to review and update the policy.
Life changes such as marriage, divorce, or the birth of a child should prompt an immediate review of coverage and beneficiaries.
Experts recommend reassessing your policy every three years or after any major life milestone to ensure it still meets your goals.

I’ve sat across from families who never thought life would change so suddenly. One moment, everything feels steady, plans are being made, dreams are unfolding, and the next, uncertainty walks in uninvited.

Those moments stay with you. They’re the reason I chose this path. Because insurance, to me, has never been about paperwork or policies. It’s about showing up early, standing beside people quietly, and protecting the life they’re building when they’re still hopeful and strong.

So when life changes, as it inevitably does, fear doesn’t get the final word.

Dreams continue. Futures remain possible. And families are reminded that they were never facing it alone.

For clients, this is a reminder that planning ahead is an act of love, for your family, your future, and the dreams you’re working toward.

For financial advisors, it’s a reminder of the responsibility we carry: to lead with heart, to advise with integrity, and to never forget that behind every recommendation is a real human life.

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Take Social Security early or late? The perennial debating point about retirement needs another look.

For years, the experts have been telling us that delaying benefits to age 70 is a terrific deal. The 24% boost you get from starting at age 70 rather than 67 more than makes up, by a long shot, for forgoing three years of payouts.

Is that really the case? Yes and no. It still pays to wait. But it pays a somewhat disappointing amount.

Here are four questions to ponder before making a decision: https://www.forbes.com/sites/baldwin/2026/02/21/how-much-do-you-really-gain-by-delaying-social-security-benefits/?utm_campaign=ForbesMainFB&utm_source=ForbesMainFacebook&utm_medium=social (Illustration: Macy Sinreich for Forbes; Images: Shutthiphong Chandaeng and Zahoor Salmi via Getty Images)