Clients often ask me if they should purchase the same policy as one another.

The answer is NO. While it is important to take into consideration the entire household, you do not necessarily need to each purchase the exact same policy.

Each person should individually look at the following criteria when deciding on a policy:
1) Current income. Each partner should insure the amount of income to be proteced for the household. If one partner brings home more than the other, that partner should carry a larger policy.
2) Occupation or medical specialty. If one partner is in a surgical specialty, they may need a policy that has specific surgical specialty language.
3) Health concerns. If one person has health issues, they may be better off with a particular company. If they are a medical resident and are eligible for a GSI Guaranteed Standard Issue policy, the should inquire if that is available.
4) Each person should determine if they have benefits available through their employer and take that coverage into consideration.

For more information about disability insurance or determining how much each spouse should purchase, contact Set for Life Insurance today!