There’s no rule against getting two life insurance policies at the same time. It may fit your situation and help save money. For example, take someone in their late 50’s wanting to protect their spouse by having $500,000 in coverage. One safe and secure option is to have permanent policy, a guaranteed universal life with a lifetime fixed rate no lapse guarantee .
Age 59 Male, best health rate
| Face Amount | Annual at Preferred Plus |
Product | Carrier | Features |
| $500,000 | $6,612 | Guaranteed UL | Banner | Fixed rate to age 121 |
Now here’s $500,000 in coverage using two policies: one term and the other permanent.
| Face Amount | Annual at Preferred Plus |
Product | Carrier | Feature |
| $250,000 | $1,720 | 30 year term UL | Genworth | UL extension fixed rate |
| $250,000 | $3,356 | Guaranteed UL | Banner | fixed rate to age 121 |
That saves this 59 year old gentleman $1,536 annually in premiums with $500,000 coverage to age 89. If he lives into his 90’s, he still has $250,000 of lifetime guaranteed coverage. At 89 he also has the option to convert all or part of the $250,000 of term to a permanent universal life at a fixed rate.
Quote 7/21/2011, to nearest dollar, non tobacco, rates subject to change, quote accuracy or completeness not guaranteed
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