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Life Insurance: To Bundle or Not?

If you’re recently married, have had a child, or…
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If you’re recently married, have had a child, or bought a home, you’re likely concerned about what might happen if you or your spouse passes away. Especially if one partner makes significantly more than the other, the financial concerns about maintaining your quality of life can be particularly daunting, and with extra responsibilities like a new home, vehicle, or child, it’s common to feel overwhelmed by this sort of existential dread. That being said, taking out the appropriate insurance policies can help protect you and your family from financial ruin in the case of a tragedy.

In addition to taking out a life insurance policy, it’s important that you follow some common-sense guidance to living a longer life and make sure that you visit the doctor annually in order to catch any diseases early. Don’t count on your life insurance policy or your health insurance policy to be the catch-all that saves you from bad behavior like not exercising or eating healthy foods. Particularly at a time when even telemedicine doctors can write prescriptions, there’s no excuse for not visiting your doctor regularly. That being said, even if you’re in tip-top shape, it’s still important to have the right insurance coverage. One way many insurance providers can help you save money on your insurance premiums is by bundling your insurance. Read on to learn more about whether or not it makes sense for you to bundle your life insurance with auto and homeowner’s insurance, too.

What does it mean to bundle your insurance?

In its simplest terms, choosing to bundle your insurance means that you’re going to be seeking a few different types of insurance from one insurance provider. Generally speaking, people must bundle at least two types of insurance together. The most common types of dual bundles are bundling your auto insurance and your homeowners’ insurance or bundling your life insurance and your homeowners’ insurance. That being said, it’s not uncommon to bundle all three of those types of insurance if you think you need them, particularly if you’re interested in an umbrella policy in the first place. Just like bundling your internet with your phone or television service saves you money while getting access to more features, bundling your life insurance with other insurance policies can offer you more coverage for less money.

When does it make sense to bundle your coverage?

One of the biggest benefits of bundling your insurance has to do with saving money. As such, the times that it generally makes sense to go ahead and bundle your insurance plans together is when you’re looking to lower your overall insurance premiums on an annual basis. That being said, it’s important to remember that there are some times when it might not make sense to bundle all of your policies with the same company. For example, you might decide to use a comparison tool online and discover that a different insurance provider can actually beat the rate that you’re being offered from the bundled provider. In these scenarios, it’s best to side on the most mathematically reasonable choice and save money by picking different insurance providers, as it will ultimately save you more in the long run.

Another reason it may make sense to avoid bundling your coverage is when you need a specific type of policy. Different insurance policies have different terms, and when you’re looking for a policy that truly fits your needs, it may not be available in the insurance products a particular insurance company is capable of bundling together. In these sorts of situations, it never hurts to ask the insurance company what they might be able to do in terms of coverage. However, if you truly need a particular type of policy, you’ll likely have to look elsewhere in order to get it, thus defeating the purpose of bundling in the first place.

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