Life insurance offers many benefits aside from simply paying your final expenses. Having this policy can help you save money, pay off your home, and set aside money for your children’s future. With all of the benefits that life insurance policies offer, it may be in your best interest to buy more than one policy. Multiple policies increase the overall benefits you receive and may allow you to enjoy some of the perks while you’re still around.
The following are some of the reasons why you should buy more than one life insurance policy.
Offers Additional Protection
As time passes, you will continue to accumulate possessions, some of greater value. Big-ticket items like your home and vehicles may still have loans on them. You also have to consider the growth of your family. Having more children means it will take more money to care for them if something happens to you. Adding another life insurance policy will provide you with the extra coverage you need. Re-evaluating your existing coverage will also help you determine whether or not you need additional policies.
Helps Save Money
Having multiple term life insurance policies will allow you to pay off some of your debts. As one policy matures, you can cash out and use the funds to pay off loans or mortgages. Purchasing multiple term policies every few years will ensure that you have money to fall back on as the policies continue to mature over time. This will also help you manage your insurance needs. Staggering or laddering your policies in this fashion means that some will be reaching maturity while others are still growing.
Reduces Risk
The best thing about having multiple life insurance policies is that you will always have coverage when you need it. The key is buying life insurance policies from more than one carrier. This ensures you have coverage in place, even if one or more of your carriers go out of business. However, it is important to choose carriers that have a reputation for providing quality policies.
Life Insurance Riders
Adding riders to your existing policy is one easy way to get additional life insurance coverage. Some riders can be added to your policy for free, such as the term conversion rider, which allows you to convert your term insurance to whole life after the policy’s duration expires. Other riders will need to be purchased at a price that is usually not more than the cost of standalone policies.
If you are looking for a life insurance policy in Vancouver, WA, contact our experts at Action Insurance Group today. We can help you determine how much life insurance you need and whether multiple life insurance policies will help you achieve your financial goals much quicker.
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