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Term & permanent life insurance often go together.

Many people buy term insurance because it is less expensive than permanent plans. However, sometimes a combination of the two is the answer. Here is a story that illustrates how needs can change over time.

I would like to introduce you to Greg and Christine.

They were married at age 25, but put off having children until they turned 30. Since both were working and contributing to the family finances equally, they each purchased $1 million each of 20-year term insurance when their first child, Caryn, was born. They felt secure knowing that should something happen to either one of them, their income of $50,000O per year ($50,000 x 20 years = $1 million) would be replaced until Caryn was finished with her schooling. Because they purchased their coverage when they were young, their $2 million of term life insurance only cost them $80.83 per month. This was easily affordable on their combined income of $100,000. Better yet, the peace of mind that they received knowing that no matter what happened, Caryn would be financially stable was priceless.

Over the next 20 years, Greg and Christine lived a happy and productive life. With Caryn nearing the end of her college career, they looked forward to being empty nesters. However, their 20-year term coverage was ending. In order to continue their current coverage, however, their combined monthly premium now that they are age 50 would increase to $641.67. Shocked by the price increase, they begin researching their options. They realized that their life insurance needs have changed, but have not vanished. What can they do now to protect their family? What could they have done 20 years ago?

Twenty years ago, if Greg and Christine had chosen to purchase a $100,000 whole life permanent plan each as part of their $1 million of coverage, the total premium would have been $200.20 per month. Today at age 50, because they no longer need to provide for Caryn, they have the option of continuing all or a portion of the term as their needs dictate. Because they purchased the $100,000 whole life as part of their protection plan, this portion of their premium will not increase. This would result in significant savings and at the same time provide them $100,000 each of permanent coverage into their retirement years with no further price increases.

Talk to your Catholic Life agent today. They can help you match your financial needs to the  products that will provide you with the continuous protection you need throughout your life.