Steps in Closing Life Insurance Gaps

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Closing life insurance gaps is a process that requires you to follow a series of basic, well-defined steps. Learn about the steps in closing life insurance gaps with help from a financial industry expert in this free video clip.

Part of the Video Series: Life Insurance Lessons
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Video Transcript

Hi, my name is Phil Cioppa, and I'm the host of the nationally syndicated radio talk show, "The Phil Cioppa Show." One of the questions that a lot of people ask is: do I have enough insurance? How do I know if I have enough insurance? And what if I have a gap in my life insurance policy? The best thing to do is to sit down and there is a way for us in the industry to really ascertain if a gap exists. Now if there is a gap for instance, let's say that it's ascertained that there's 70 or 80,000 dollar gap there, then you can have a discussion about how do we cover that gap? What kind of insurance is it that we're going to need to cover that gap. What is it that we really need to do in order to protect your family in the case of your death or an emergency. So gap can easily be covered. This isn't like auto insurance where you have gap insurance that covers the difference between what your car is worth and what you might get to pay off your loan should there be a wreck. OK it's not gap insurance in that respect. Gap insurance in this respect is filling in the hole. If something isn't there that should be there. If you don't have enough insurance to go all the way around. If you feel that you're under insured or if you're only relying upon your employers insurance. If you're doing that, then I can tell you most likely you do have a gap. Because I have never seen an employer insurance policy that fulfills everything that you need. Best thing to do, sit down, figure it out, and then don't wait. Take action. Thank you.

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