Thursday, January 25, 2018
Can You Buy Multiple Term Life Insurance Policies?
Yes, it is possible for someone to purchase more than one term life policy?
As you get older and take on more financial responsibility, your need for more coverage may increase to protect your growing family.
Life insurance companies understand about possible life changes and a growing need for additional life insurance, which is why they allow you to have more than one term life policy.
For instance, a young family may have a 30 year term policy to protect the mortgage, and a 20 year term policy to guarantee there is money for the kids to go to college in case the main breadwinner of the family passes away unexpectedly.
Also, it's a good idea to have coverage on both you and your spouse or partner, if it's needed. Whether you both work or just one of you, the one not earning an income still contributes in many ways to the family and it would be costly to pay someone to do everything a home maker does for a family if that person were to pass away.
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