When purchasing life insurance, sometimes it makes sense to purchase more than one policy.

For example, I recently worked with some clients who came in. They were married and had 3 children. They had twins that were 6 and another child that was 2.  We determined that both parents, aged 35, needed $2mil of life insurance. They were concerned if they did a 20 year term, their youngest child would only be 22 years old. If we did a 30 year term, the premiums were significantly higher.

The solution was to purchase $1mil of both 20 and 30 year term. This would cover them the most in the next 20 years when they are the most vulnerable and are accumulating assets and paying off debt. In 20 years, their children still may be dependent on them financially. In 30 years, they would be 65 when they hope to retire. Therefore, from year 20 to 30, they would continue carrying the $1mil of term life insurance.

We will continue to review their insurance regularly to ensure their plans continue to cover their needs but this accomplished their goals and needs.

For more information about life insurance and combining plans or to request a quote, contact Set for Life Insurance today!