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.