«Laddering» policies of
staggered term lengths and various coverage amounts is often cheaper than buying a single full - term policy, so you can get the coverage you need that's more within your price range.
The ladder strategy works by
staggering the term length and coverage amount of several policies, rather than buying a single policy.
Not exact matches
With this method, you buy multiple policies,
staggering their coverage amount and
term lengths so that you aren't stuck with a policy that's more than you need once your mortgage is paid off and the kids are out of the house.
You're also allowed to «layer» or «
stagger» two or more policies of varying
term lengths to align with different needs.
If you're a bit older, you could «
stagger» two
term policies of different
term length.
I still maintain that
staggering or layering different
term length policies is a prudent way to handle 98 % of all life insurance needs.
Just like
staggering your insurance (not putting all of your life insurance in one
term length), layering your coverage around an occupation or avocation is an option worthy of study.