Having the right life insurance is always an important part of your life’s financial planning; however, with the Covid-19 pandemic continuing you may be wondering if you are properly insured.
- Do you have the right type of Life Insurance?
- Do you have the right amount Life Insurance?
While everyone’s situation is unique, I’d like to share some information that can help you. Of course, it also never hurt to talk with a trusted professional to understand your options so you can make the best decision you can for you and your family.
Types of Life Insurance
Most people are familiar with term life insurance. It’s inexpensive. Typically, term life insurance the insurance you buy through your employer. You have a low fixed price for a specified amount of insurance for a specific amount of time. You buy term life insurance to make sure that the needs of your family are taken care of in case you die. Your term life insurance might cover the costs of raising your children, paying off your house and providing your spouse with money to live on while raising your children.
Another type of insurance is called permanent life insurance. The life insurance is called “permanent” because you maintain it throughout your life not just for a specific amount of time. Sometimes permanent life insurance is offered by an employer in addition to the basic term life policy. Permanent life insurance includes Universal Life, Variable Life and Whole Life. Permanent insurance. Permanent life insurance policies provide a savings account where you can earn interest and dividends in addition to receiving a death benefit. The savings can build up over time and you can “borrow” against the savings. These earnings are usually tax deferred and can referred to as the “cash value” of the policy. Of course, because there is a savings feature the price of a permanent life insurance policy is higher.
Living Benefit Riders
Of particular importance during the Covid-19 pandemic are living benefits riders that either a term or permanent life insurance policy can have. Living benefit riders allow you to access some of the value of the insurance policy while you are alive. They can be a great way to pay for qualified medical expenses, the kind you might incur if you are hospitalized with Covid-19 or if you develop a terminal illness. Riders can even be used for long-term care, providing a more affordable option to long-term care insurance. Usually, an employer term life policy does not offer a living benefit rider, so you will need to have your own policy outside of your employer’s plan.
Paying for Covid-19 Treatment and Rehabilitation?
Covid-19 impacts people differently, leaving some with small medical bills while others have medical bill add up for weeks of stay in the Intensive Care Unit (ICU), sometimes months of rehabilitation therapy, and even a lifetime of ongoing medical problems. While the chances of any of these problems are low and unpredictable the cost if they happen to you are real and financially ruining. This is true of any insurable risk. You hope you don’t contract Covid-19, and if you do you hope you have a mild case. But we know that is not true for everyone. How would you pay for a 2-4-week ICU stay? How would you pay for 4-6 months of rehabilitation?
What Can you Do To Protect Yourself and Your Family Financially?
As you can see there are many factors that will affect the right way to protect during the Covid-19 pandemic. Everything from your employer to your salary, savings, health and your own priorities will affect what the right policy for you is. Is your current coverage enough or do you supplement your existing insurance with a new policy or replace the insurance you have with a new policy? Beside protecting yourself from the expenses of Covid what else do you want to protect?
In order to navigate these questions in the confusing world of insurance you need a trusted guide who can find the right answer for you, not simply the insurance product that their employer is pushing to keep the share price high. An independent insurance agent who works with many insurance carriers.
Keith Hatchett and the GoInsurancePAL Difference
At GoInsurancePAL we help you to secure your life, health, money and wealth. We do this by finding or creating unique insurance products to meet your personal goals.
“At GoInsurancePAL we don’t sell insurance, we help you build the lifestyle you want – and deserve.”
Rather than try to sell you a generic off-the-shelf policy we work with you to understand your goals. Then, we explain the options that can help you meet your goals. It’s your choice to make. Often, our clients are surprised to see us increase their total benefits while reducing their total out-of-pocket costs – all tax free.
Think of us as your coach. In life, like sports, to win you need to have both a strong offense and a strong defense. We explain how you can have strong offense and strong defense, not the cheapest defense that won’t meet your needs when you need it most. Like a good coach, we teach you, giving you the knowledge to make informed decisions.
GoInsurancePAL is independently owned and operated. This allows us the freedom to work with many insurance carriers to find the best recommendations for you.
In 2011 Keith Hatchett founded GoInsurancePAL after getting sick of seeing insurance agents take advantage of people and selling the wrong products for their needs. It’s motivated Keith to create new products, like his solution to the Affordable Care Act. Keith’s caring for his customers goes beyond insurance. Since then, Keith and GoInsurancePAL have continued to lead the way innovating insurance products to best serve the needs of his clients. Contact us today for a no pressure discussion and evaluation of your personal situation
