1. Not Knowing What You Are Buying
A lack of knowledge and education can be extremely costly for you. Life insurance is not one-size-fits-all. You need a high degree of comfort with the insurance carrier, the agent and the products being considered before purchasing anything. Do the research and take the time to fully understand all of the benefits and risks of each option you consider. Keeping an open line of communication with your agent and build a level of understanding and trust.
Next mistake - 3 people on a policy.