Is it term, whole or universal life insurance?
Well, this is a little bit of trick question, the real answer is, whatever policy you have when you finally kick the bucket.
You see, the ultimate goal of life insurance, regardless of the type of policy, is to protect your loved ones from any financial hardship that may happen when you die.
It can also be used to pass on any additional amount of funds you wish to leave for your spouse or second generation.
Of course I'm hopping this won't be a problem for you for a long time, and I'm sure you are hoping the same thing.
You could have bought a 30 year term life policy when you were 25 years old, but the day you turn 56 it doesn't mean a thing if you're still ticking.
Or if you bought a whole life policy that was too expensive and you were only able to keep it around for a few years.
Counting on coverage through work is probably the worst idea…
The chances of you being employed at that job if/when something happens is pretty slim. What's also pretty slim is that work policy being able to cover much more than your funeral expenses and maybe a year or so of income.
Think About This
Another question you are going to want to ask yourself is, how long are you planning on being dead?
So, it's the most morbid question you could ever ask yourself and it has one of the most obvious answers.
Whatever life insurance policy you have in place at that fateful time, you will want to make sure will be enough to last as long as your family needs it.
Again, if we're being honest, you're not coming back so you only have one chance to get it right. If not, you could force your family to make some very tough decisions during an already unimaginable time.
Watch the short video below for a more detailed explanation on how coinsurance works on your health insurance policy.
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If you would like some help with health insurance or want to make sure I'm a real human being, you can send me an email, give me a call at 440-964-8211 or talk face to face over the internet.
Giangola Insurance Agency, Inc.
1000 Lake Ave.
Ashtabula, OH 44004
Monday 9:00 AM - 5:00 PM
Tuesday 9:00 AM - 5:00 PM
Wednesday 9:00 AM - 5:00 PM
Thursday 9:00 AM - 5:00 PM
Friday 9:00 AM - 5:00 PM