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Blended life insurance: 2 policies in 1

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Blended life insurance cuts premiums
Blended life insurance cuts premiums © Christopher Meder/Shutterstock.com

Blended life insurance cuts premiums

Permanent life insurance can cost a pretty penny, while term life insurance can be relatively cheap. A blended life insurance policy gives you the best of both worlds and can lower your annual life insurance premium.

According to Witt, a $2 million blended life insurance policy could cost a couple in their late 60s about half of what they'd pay each year in premiums for similar permanent life insurance.

"If you want a certain level of coverage, then a blended policy produces lower premiums than an all-permanent life policy would," he says.

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