Definition: Good Life Insurance Policy - The term "good life insurance policy" refers to a specific type of insurance that provides protection against financial losses due to the death or disability of an individual within a specified period of time, also known as "the good life." This policy is designed to ensure that individuals have the means to provide for their immediate and future needs after the loss of income or assets. The primary purpose of a "good life insurance policy" is to protect individuals from financial ruin in case of unexpected death or disability. It is typically offered by insurance companies, as part of an overall long-term care plan or estate planning strategy. The policy's goal is to ensure that an individual has access to the resources they need to live comfortably and provide for their family. One definition of "good life insurance policy" could be: "A specific type of insurance that provides financial protection to individuals who are at risk of death due to unexpected events, such as illness or disability." Additionally, a good life insurance policy typically offers multiple benefits, including the option to receive money after an individual's death or disability, and may include provisions for a specific retirement age or time frame.
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