Are Two Life Policies Better Than One?
Many times we get caught up in the number: Do you have enough life insurance? However, an equally important question is: Do you have the right type of life insurance?
At different times in your life you may need different kinds of protection. When you have a major purchase like a home, you typically purchase a term policy for mortgage protection and to protect loved ones. Then as you age, you begin thinking of ways to pay for final expenses with a permanent policy.
Although it may be common to purchase term insurance first and permanent coverage later, you will want to consider your future insurability.
Many term products offer a conversion privilege that will allow an individual to convert their term insurance to permanent coverage without proving medical insurability. Be sure to discuss the details of converting with your agent or review your policy.
The longer they wait to convert to a permanent life insurance policy, the more costly the premiums could be. Also, it this option typically has a timeframe when conversion can occur and they could miss it.
However, if you purchase both a term and permanent life insurance policy, you could take care of all your life insurance needs at once:
- The combined coverage amounts may ensure you have enough life insurance.
- The mix of term and permanent insurance can provide flexibility and address many of your current and
- They will provide financial support for your loved ones.
Ask us today about the benefits of purchasing both term and permanent life insurance policies.