Why some life insurance could prove risky for consumers

Why some life insurance could prove risky for consumers  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JAN 22, 2020 YOUR WEALTH Editor's Note Do you have life insurance? If so, is it a term life policy or whole life? Be honest; do you actually know? Let's face it, getting a handle on insurance coverage can be complicated and overwhelming. And that means life insurance or coverage for health, your car or home. It's safe to say that there's a lot of misinformation — and a lack of awareness — out there when it comes to insurance. And when someone doesn't have a full understanding of their insurance policies, chances are it can and will lead to a costly mistake. That's why it's key to do your homework beforehand in order to get the best insurance coverage available to protect your family's health, assets and financial well-being. Remember, if you are buying insurance, you are making a decision about how you want to manage life's risks. Deciding on which insurance product you should buy can be confusing, but when you consider what you're trying to protect, taking the time to compare policies is more likely to give you what you want and need. With that said, I spoke with some experts, and here are some tips to consider when it comes to dealing with any type of insurance: Shop around; only buy insurance to maintain your existing standard of living; find out what the policy doesn't cover; consider the cost effects of bundling several policies with one insurance carrier; review your insurance needs every year and never default on any payments. For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA Why some life insurance could prove risky for consumers Life insurance sales standards can be lax, and the complexity of many types of insurance could make it difficult to know if you're getting good advice. Here are the smartest things to do with that bonus check An annual bonus is a reward, so don't be afraid to spend a bit on something that brings you pleasure. But it's also important to allocate a portion of this money to meet short- and long-term financial goals. The secret to multiplying your savings Making the most of your money is the key to wealth accumulation. Here are three tips to help you multiply your savings. Ray Dalio says 'cash is trash' and advises investors hold a global, diversified portfolio Investors shouldn't stay on the sidelines in the 2020 market, Ray Dalio said Tuesday, because "cash is trash." These people might face a surprise health insurance tax this year The IRS won't hit you with a penalty for failure to have health insurance in 2019. But a handful of states now want to know if you had coverage — and they'll assess a surprise tax if you came up short. Oh, baby! 3 steps to prepare your finances for your new arrival The idea of bringing a new human into the world can be earth-shaking. Fortunately, budgeting for him or her doesn't have to be nearly as terrifying. How to get your finances in order for baby. If you pay your bills on time, use cash back cards for everyday expenses Thanks to generous credit card cash-back rewards programs, small everyday purchases can add up to big savings over time, according to study results from CreditCard.com. Here's where most Americans are really getting their retirement income Retirement income is often referred to as a three-legged stool, including Social Security, pensions and savings. But it turns out that one income source, Social Security, is the dominant, and often only, source of money for older Americans. How high above the 200-day can the S&P 500 get? "The big news this past week is that the S&P 500 got way out ahead of its 200-day moving average – more than 11% above, in fact ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS