Inexpensive Life Insurance: Greatest Potential
The inexpensive life insurance market with the greatest potential is the two-income family. Most working couples need and want permanent life insurance on both spouses, especially when coverage is affordable. Term riders and other alternatives may not be priced as competitively in the long run or allow for indefinite renewals. Purchasing a separate term policy on one spouse often results in unnecessary annual policy fees.These policies also can help working couples maximize their pension benefits. Whereas one permanent life policy was sufficient when only one spouse had accumulated significant pension benefits, working couples now need two permanent policies. This policy allows both workers in a two-income family to waive survivor benefits in their respective pension plans and thereby maximize plan accumulations.