What if two life insurance policies were better than one?
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The beauty of insurance is that you can combine as many products as you want. So a person who wants to can protect just about every aspect of his life, whether material or not. Damage insurance, critical illness, life, mortgage, to name a few, are all products that you can buy simultaneously, according to your needs and your desires. But let's focus on life insurance. How to combine two or more products to obtain maximum protection on all fronts? Here are three scenarios illustrating combined life insurance coverage. Please note that the names, situations and all amounts cited are only examples, so they are not real events.
Case 1
Take the case of Edward, a father of three, divorced and self-employed. Edward has full-time custody of his children and with his family lives in a house purchased with a mortgage of $ 315,000. Its primary objective? This computer consultant does not especially want to leave his children in misery if anything happens to him. Edouard therefore decides, with the help of his Infoprimes advisor, to take out universal permanent life insurance, which will allow him to save at the same time. Because her financial obligations, including three dependent children, make it not always easy to save money. He therefore thinks that this type of product will assure his person, in addition to being a vector of investment. Otherwise, Edward appreciates the fact that he could count on his universal insurance to buy part of it if needed.
For his second coverage, Edouard opts for 20-year term life insurance. His mortgage will expire in 18 years, and with the balance of the insurance, his heirs will be able to pay off his small debts.
Case 2
Cassandra, a paralegal, is married to David, a chef. They have two small children and live in a luxury condo. Cassandra is fortunate to have group insurance at her job, including $ 25,000 life insurance. She told herself that this was enough time to pay her funeral expenses in the event that she passed away. Her group insurance also offers her long-term disability insurance, so she feels well covered when it comes to her own person.
His concern, however, lies in his financial obligations. Indeed, Cassandra worries that she will not be able to meet all of their financial obligations if something happens to him or her. They therefore decide to each take out term life insurance for 15 years, in accordance with the maturity of their mortgage. This $ 200,000 insurance will cover the balance of the mortgage in addition to allowing the surviving spouse to pay all debts accumulated during their life together.
Case 3
Edith, a single mother, purchased permanent life insurance when she was younger, after graduating from university. She therefore knows that her person is insured and that her daughter, as an irrevocable beneficiary, will have a nice sum on her death. Edith also pays monthly premiums that are higher than the amount required to build private equity.
But being the only one to assume the financial obligations of the family, Edith preferred, last year, to take out critical illness insurance. Several members of her family have had cancer and she is very worried that she will one day as well. With this new insurance, Edith now sleeps in peace, knowing that no matter what, her insurance products will protect her from all the hazards that life can bring.
As mentioned earlier, these examples are meant only to illustrate real life situations. There are many other products that may be better for you, depending on your reality and your needs. Contact an InfoPrimes expert who will be able to offer you the best adapted solutions.
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