Should I Buy More Than One Term Life Insurance Policy?

How much life insurance coverage, and how many policies, is purely up to your needs and your budget. Obviously, it would be somewhat impractical to buy dozens of different policies from dozens of different companies. Keeping track of all your policies and premiums would be a full-time job!

It is, however, advisable—and affordable—to buy more than one term life insurance policy for specific purposes. For example, some people decide that their primary beneficiary of their primary policy should have additional, diversified protection of their financial security, and a term life insurance policy is an affordable solution.

Some people find that they have new dependents they wish to cover: children from a second marriage, new grandchildren, or great-grandchildren. Many of these potential beneficiaries may not have even existed when a primary policy was purchased.

Another reason people buy more than one term life insurance policy: They decide to plan ahead and devote a term life insurance policy benefit specifically to cover the costs of end-of-life hospitalization or hospice care. For people who experience a chronic illness or disability that lingers for years, medical costs can be astronomical, and only partially covered by some insurers. The balance falls to your dependents—potentially a steep financial burden at one of the worst times in their lives.

Other people purchase a new term life insurance policy and designate that the benefit go toward the cost of their funeral and burial or cremation…plus, in some cases, an extravagant “in memory of” party and celebration of the life you lived. It’s a pretty neat way to leave a positive, enduring impression: in essence, pre-paying for a party for your friends, but that you, unfortunately, won’t be able to attend.

Whatever your reason for buying more than one term life insurance policy, you want to compare your options to make sure you get the best value. Comparison-shopping for life insurance used to give people a feeling of total dread. It meant going from company to company, agent to agent, sales pitch to sales pitch, paperwork to paperwork, waiting, wondering if they accept you or reject you. It was a time-consuming hassle.

But that process has recently changed and undergone what amounts to a revolution. The key is new state-of-the-art software that makes it possible to collect quotes from many different companies, all at one time, all in one place, all in just seconds…and, best of all, all for free!

No need to talk with an agent (but you can, if needed, talk with a licensed expert unaffiliated with any insurance company). No sales pitch—the service doesn’t sell you insurance; it helps you find the best rates. You just answer a handful of short, simple questions. Then click one button. And you see quotes from leading companies competing to offer you their best coverage at their best rates.

The best ways to get a term life insurance quote? Until recently, that was a difficult question. Now it’s easy. Use a free, unbiased online quoting service such as Should you buy more than one term life insurance policy? Very possibly, that depends on your needs. But if so, there has never been an easier, faster, or more convenient way to make sure you get the best value.