Introduction

Insurance isn’t just paperwork — it’s your financial safety net. It protects your health, your assets, and your loved ones from life’s curveballs. Yet, despite its importance, many people make avoidable mistakes that either leave them exposed or cost them more than necessary.

At Yuvaan Wealth, we’ve seen it all — the overlooked riders, the overlapping policies, the too-good-to-be-true premiums that end up costing more in the long run. In this blog, we’ll walk through the five most common insurance mistakes and how to avoid them, so your coverage truly works when you need it most.

1. Underestimating Your Coverage Needs

Many people calculate their life insurance by guessing — and they guess low.

Why it’s a problem:
If your coverage is too small, your family could face financial hardship after a loss.

How to fix it:

• Calculate your coverage based on current expenses, liabilities, and future goals (like children’s education).
• Consider inflation — the amount you need today will be higher in 10 or 20 years.
• At Yuvaan Wealth, we run detailed projections so you know the right figure, not just a rough guess.

2. Ignoring Health Insurance Riders

Basic health insurance is good — but it may not cover everything you need.

Commonly missed riders:

• Critical Illness — Covers major diseases like cancer or heart attack
• Accidental Disability — Provides financial support if you can’t work
• Maternity Benefits — For families planning to grow

These add-ons can mean the difference between a manageable recovery and a financial crisis.

3. Choosing Price Over Value

We get it — nobody wants high premiums. But cheaper isn’t always better.

Low-cost plans may:

• Exclude important coverage
• Have low claim settlement ratios
• Carry hidden conditions that make claiming harder

Better approach: Choose plans based on coverage quality, reliability, and suitability, not just cost.

4. Overlapping Policies

Having multiple policies doesn’t always mean more protection — sometimes it just means more bills.

We’ve seen people paying for:

• Two similar health policies
• Multiple term plans with similar benefits
• Unnecessary add-ons that overlap

At Yuvaan Wealth, we streamline your coverage, keeping what’s essential and removing what’s redundant.

5. Not Reviewing Policies Annually

Your life changes — so should your insurance.

When to review:

• Salary changes
• New debts (home loan, car loan)
• Family additions
• Major life events like marriage or relocation

An annual review ensures your protection stays relevant.

Conclusion

Insurance is not a “set it and forget it” deal. Done right, it’s a living, adaptable part of your wealth plan. Avoiding these mistakes means you’ll be covered when it counts — without overpaying or missing critical gaps.

📩 Book Your Annual Insurance Review with Yuvaan Wealth today and make sure your safety net is built to last.