Combining Types of Life Insurance

Life insurance comes in a variety of options.  There's whole, term, and universal life insurance policies, just to name a few.  You may be asking yourself if it's a good idea to combine types of life insurance to ensure full coverage.  While combining life insurance policies isn't necessary, it could end up being the right choice for certain individuals.

Do you really need to have multiple policies for ultimate protection.  It depends on your unique circumstances.

You will have to ask yourself what you are trying to accomplish by obtaining a life insurance policy.  Many people already have life insurance through an employer and consider this to be sufficient coverage.  But is it?  Will the dollar amount provided give you enough money to cover final expensed?  Will it cover bills after you are gone, including a large mortgage payment?  Will it provide replacement income for a substantial amount of time?

If these factors are what you are looking for, a small policy likely will not cover everything.  Supplemental life insurance to fill in the gaps could be a good idea if you can afford the monthly premium.   Talk to your financial expert about what types of policies are best for you, and see if combining life insurance policies is an option.