With a variety of high level benefits, it’s only natural for consumers to consider the advantages of purchasing a whole life insurance policy.
At some point, you may find yourself in a somewhat unique position. Imagine this: you already have a whole life insurance policy in place. While you enjoy the coverage that you have, you come to realize that buying another policy would be in your best interest.
There is nothing to stop you from buying more coverage. You don’t have to make this decision, but if it could benefit you and your family it’s an idea to consider.
Whether or not you actually need more than one policy is based on a variety of factors. Here are some questions to answer:
- How much coverage do you currently have in place?
- Are you confident that you have enough coverage to protect your family once you pass on?
- Could you benefit during your lifetime by purchasing another whole life insurance policy?
- Could you provide your loved ones with more financial benefits by purchasing more coverage?
- Are you able to comfortably afford the purchase of another policy?
As you make your way through these questions, you can quickly decide what you should and should not be doing.
For example, you may realize that your current policy is more than enough to give you peace of mind. You may also find that you have enough money in your budget to purchase additional coverage, which will only strengthen your financial position.
When this happens, you’ll once again find yourself at the beginning of the buying process. Maybe you contact your current insurer to see if they can provide you with another policy. Or maybe you seek to do business with another company, such as one that offers a larger dividend.
There is a big difference between need and want. If you need more coverage, if you know this is something that will benefit your family, you should find a way to make a purchase.
Conversely, if you simply want more coverage, make sure it’s the right financial decision before you pull the trigger.
There is a common misconception that one life insurance policy is enough. This may be true for some people, but others soon come to find that more is always better.
If you’re on the fence, take the time to request a quote from several whole life insurance companies. This will give you a clear idea of how much you’ll have to pay if you want to add more coverage.