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What is Family Life Insurance
At one time, most carriers offered family life insurance as a total package wrapped up in one overall policy with one parent as the primary insured and the other parent and children covered with term riders. One family life insurance policy could save you a few dollars per month in premiums.
However, most top carriers do not offer this "one policy fits all" plan anymore for a very good reason. If the primary insured dies, the beneficiaries will indeed receive the proceeds of the primary insured's coverage. However, depending upon the company, the term riders on the other parent and on the children will end...leaving them all without coverage.
The remaining family members, particularly the remaining parent, are left scrambling around for new coverage at an older age and a higher premium. What if the parent's health has deteriorated since the old policy was taken out? He or she might not be able to buy new coverage.
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We recommend that you purchase your family life insurance as separate policies in order to maintain coverage even after the death of one family member. If money is tight, you should at least have separate policies on the parents. You can add term riders in small face amounts on the kids.
If you do have some discretionary funds to spend on family life insurance, we recommend that each parent have some permanent coverage that stays in force even if you live to age 100 and that you supplement that with temporary term coverage until the kids are out of college.
Only after you have completed coverages for the parents should you consider child life insurance on a permanent basis. Permanent coverage is a wonderful gift for your children so that they don't need to go through the planning hassles that you are experiencing.
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Licenses to sell family life insurance:
Ohio License #104233, California License #0C94325, Florida License #D072714
Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin
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