Why You May Need More Than One Life Insurance Policy
Life insurance can help protect your family’s finances by covering your outstanding mortgage, personal loans, and any other debts and expenses at the time of your death. Your changing needs may require more than one life insurance policy for greater comprehensive protection. Here’s why you should consider purchasing multiple life insurance policies.
If your number of dependents or assets increases, then your original coverage may no longer seem adequate. You can purchase additional life insurance policies through the same or different carriers to help meet these extra responsibilities, such as a growing family, new mortgage, or loans you took out for your small business.
Help Save Money
You can stack multiple term life insurance policies, which will expire as you pay off your debts. This “laddering” strategy enables you to pay lower premiums over the lifetime of several policies rather than paying one uniform premium over the life of one policy. The multiple policies drop off as your needs change. This will help you avoid being over-insured as well as paying unnecessary premiums.
Although it’s rare for an insurance company to go out of business, some customers will buy policies from various carriers so that their coverage isn’t under just one company. This is a precaution that is usually unnecessary, but it is an option if you want this added protection.
Life insurance isn’t a one-size-fits-all policy, so you should take the time to find the best option for your family. Focus1 Insurance Group helps families in the Southern Oregon area find the right life insurance coverage for the best rates available. Request a quote to get started today.