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The Life Insurance Blog

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Blending Permanent and Term Life Insurance: Could it be the Right Approach for Your Family?

Apr 7, 2014 8:27:00 AM

So you’re shopping for life insurance, and you’re trying to decide if permanent or term life insurance is right for you. What if we told you the answer might be both?

That’s right, instead of deciding on one, how about purchasing both a permanent and a term life insurance policy. This method, known in the industry as “blending”, is both effective and affordable. Why purchase both?

blendedTerm + Permanent

Blending permanent and term life insurance provides a lower cost option coupled with a guaranteed safety net. Just as your financial situation will change throughout your lifetime, so too will your life insurance needs; this is why a blended life insurance strategy has the potential to be very effective.

Who would be a good candidate? An example is a 30-year-old couple with three kids, a mortgage and remaining student loans. They can purchase a term policy that will provide coverage until their kids have finished school and they have paid off their home. The term policy offers a death benefit large enough to provide for the children, as well as the surviving spouse. It will cover the remainder of the mortgage, daily living expenses and college tuition for the children.

The permanent policy, on the other hand, will be designed to cover the expenses the couple will face later in life – once the majority of their financial obligations will have already been met. Their permanent coverage will provide a death benefit large enough to cover final expenses, replacement of income and any other financial legacy they hope to leave behind.

This is the perfect example of a blended permanent and term life insurance policy that delivers all of the coverage a family needs, at an affordable rate. Not sure where to begin calculating all of this? Check out our life insurance calculator.

Request Your Quote Today!

If you’re ready to learn more about permanent and term life insurance policy options, we encourage you to request a quote today. Speak with a personal advisor and determine if a blended strategy might be right for you. Get started today!

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