You might think that this isn’t possible. But, rest assured, there are people who have multiple life insurance policies, for themselves. In fact, it can actually be a great asset for certain individuals. Here is everything you’ve ever wanted to know about life insurance, specifically when it comes to taking out more than one policy for yourself.
More Policies Means There is More Coverage
This is the most basic advantage of having more than one life insurance policy. In fact, consider this you have a life insurance policy for $200,000. And then, you purchase a second policy for the exact same amount. Now, you have $400,000 of life insurance coverage. For most people, having more life insurance is an outstanding option. Most people typically don’t have enough life insurance coverage from their jobs requiring them to seek alternative options.
Permanent Base with Term Life Insurance Policies
There are different words used in regards to life insurance that can be difficult for the average person to understand and comprehend. Permanent life insurance refers to whole life, variable life, and universal life- therese are typically your most expensive policies. In fact, due to their expense most young people are unable to have room in their budgets to splurge on these policies. That is why most young, healthy people stick to whole life policies that are no larger than $100,000. These policies will typically serve as a foundational life insurance policy. However, as people get older and age, the need for more life insurance will becomes paramount. As a result, adding a second or even a third term policy that will increase your coverage by several hundred thousand dollars becomes desirable. The combination then of whole life insurance and one or possibly more term policies will be less expensive than having a single, very large whole life policy.
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