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The Best Strategy For Saving Money On Life Insurance

January 20, 2020 By Zambrana

The Best Strategy For Saving Money On Life Insurance


We all want to save money on life insurance. If you were able to save per month, that would be a huge savings over time. But what if we told you that you could save 50% on the lifetime cost of a thirty-year term life insurance policy? Watch the video to learn how. We’ll talk you through a plan that uses multiple policies to save you thousands of dollars.

In this video, Brian Grimes, CFP®, Senior Client Services Manager at PolicyGenius and life insurance expert, explains the “ladder strategy” for buying life insurance. The ladder strategy begins with a simple premise: you don’t need the same amount of life insurance coverage throughout your life.

Term life insurance is designed to end because you don’t need life insurance forever. This helps keep the costs low. The ladder strategy takes this one step further by buying multiple life insurance policies, each of which lasts for a specific period of time and has a different amount of coverage. These life insurance policies then stack on top of each other, like a ladder or step-stool.

In our example, Pete is looking for ,000,000 of coverage for 30 years. The total lifetime cost of one policy would be about ,000.

If Pete instead used the ladder strategy, he would end up with three policies:
1. A 10-year policy with 0,000 of coverage.
2. A 20-year policy with 0,000 of coverage.
3. A 30-year policy with 0,000 of coverage.

Using this strategy, Pete has the coverage he needs to cover all of his debts and financial obligations (a mortgage, college savings, student loans, credit card debt, etc.). But as he pays off his debts, the amount of coverage he needs and has drops. For example, after ten years, he will have paid off his student loan, credit card debt, and saved a significant amount of his child’s college fund. He no longer needs ,000,000, and shouldn’t have to pay for coverage he doesn’t need.

The total lifetime cost of these three life insurance policies is about ,500 – about 50% of the cost of a single ,000,000 policy.

Have more questions about this strategy or want to implement it for yourself? Check us out at

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