Many families feel that like car insurance if we have x2 or more protection running concurrently that in the event of claim only x1 would pay out. This is wrong! With life insurance and critical illness this is defiantly not the case and multiple claims can be made!
Knowing that polices would “ALL” pay if the protection was in the correct term (and in the example of illness protection – was a condition on plan which met the severity of the plan) we can layer and build more cost effective solutions for family.
This rational is if we insurer a big chunk of insurance would mean a bigger premium and again the longer the duration the higher the premium. However, for typical families most of the protection would usually need to be in the early years like supporting a Mortgage(s), Children’s lifestyle and education costs – less so when we are in retirement age (as our children have grown up and don’t have these needs on parents any more). These key family needs can usually be defined around key dates; which with layering we can insurer the appropriate amount of insurance protection over the right time scale or durations. In doing so we save families money each money but still protect over the correct duration(s)
Helping families save money but protecting in the strongest way is what Golden Rock Solutions like to do with FREE independent advice