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Blended life insurance: 2 policies in 1

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Blended life insurance: Policy stays static
Blended life insurance: Policy stays static © Alex Hinds/Shutterstock.com

Blended life insurance: Policy stays static

With permanent life insurance, dividends are going back into the policy, which means the amount of cash in the policy will continue to grow.

With blended life insurance, the dividends are used to buy more permanent coverage, which means the payout on the policy will stay the same until the policy is completely converted to a permanent policy. That process can take years.

If you don't need a policy with an increasing reserve of cash value, a blended policy may be a good fit, Witt says.

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