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Shoulda, Woulda, Coulda

Friday, August 23, 2013 @ 01:08 PM
posted by admin

Shoulda, Would, Coulda

In the 13 years that I have been in the insurance industry, the Shoulda, Woulda, Coulda’s that I hear most is that: they wish they would have purchased life insurance that covered them for life! Now that they know they need it, they can’t afford it because of their age or health.

So often couples purchase “Term Insurance” which is great and has it’s purpose, but it does not provide for you after the term expires.

How many people do you know who are retired and no longer need life insurance? Maybe a few, but not many, and that often changes for them as well.

The idea behind term policies is cover me while I’m old I will have enough money saved to where I don’t need life insurance. I think Term policies are also good as a supplement for a permanent policy to get you through the years where you have more dependents and higher debts.

At retirement, even if one does have a savings that will support them through the end, all to often that savings is spent on health care, or long term care needs for the spouse, and little or none is left to the surviving spouse.

When you plan your financial strategy make sure you plan for the “what if’s” and not just for the “dreams”. We all hope to be financially independent and not have that money spent before the end, but this vary rarely happens!

I usually recommend a “hybrid” approach where you purchase a smaller amount of life time coverage as it is more expensive, and then supplement with a term policy as well.

If you have questions or would like me to review your current policies please contact me. We can work out a solution for any budget.



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