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April 23, 2015

Benefits of Multiple Life Insurance Policies

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Investing in More Than One Life Insurance Policy

When looking for the right life insurance policy, you are most likely considering if a whole or term life insurance policy would work best for your situation. However, you may also be able to benefit from investing in multiple life insurance policies. There are many reasons why more than one life insurance policy can work for you, including:

  • Investing in both types – you have the option to have both a whole life and term life insurance policy at the same time in order to receive the benefits from both types of policies. You should consider a whole life insurance policy that has a smaller death benefit, and a term life insurance policy that will provide the time in which you have extra responsibility, such as when your children are little.
  • Complementary terms – investing in multiple term life insurance policies will give you the option to overlap them to provide coverage for different times in your life. Keep in mind that you will want them to overlap when you need the most amount of protection, such as while your parent is in a long term care facility.
  • Various smaller policies – if you do not want to have one large policy with a single company because you are afraid that the insurance company may not be as stable as you want, you should consider investing in multiple policies that have smaller limits.
  • Legacy policies – if you already have a whole life insurance policy that was bought for you when you were still a child, you have the option to supplement it with a term life policy while you are still working to provide extra coverage.

For help figuring out just how you can benefit from multiple policies, contact the insurance professionals at Brewer-Lloyd Insurance Group in Mesa, Arizona. We will work with you to ensure that you have the protection that you deserve.