When it comes to life insurance, there are several popular strategies that can be used to maximize benefits and financial planning:
Purchase a term life policy to cover the period of major debts, like a mortgage, ensuring your family isn't burdened if something happens to you.
Add riders to your policy for additional coverage, such as disability income riders, accidental death riders, or waiver of premium riders, customizing your insurance to fit your needs.
Buy multiple term life policies with different expiration dates to match your changing insurance needs over time, often resulting in lower overall costs.
Some life insurance policies allow you to access part of the death benefit early if you're diagnosed with a terminal illness, providing financial support during a critical time.
Also known as survivorship life insurance, this policy covers two people (usually spouses) and pays out after the second person passes away, often used for estate planning.
Start with a cheaper term life insurance policy that can be converted to a permanent policy later without needing a medical exam.
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