I am interested in a 2.5 million dollar insurance policy. With life and accident death included. I am 39 Male and healthy

Hi Scott – The only advantage I can see is in flexibility. You may decide you don’t need that much coverage in the future, and cancel one or two of the policies. You might also find the renewal premium on one policy is better than the other two, and decide to keep that policy. But otherwise it won’t be cost effective. Life insurance rates fall on a cost-per-thousand basis, so a single $3 million policy will be less expensive than three $1 million policies. And single policy can easily be split three ways, if that’s what you’re going for.

Hi BG – You’re in a tough place, especially since your husband’s death is so recent. I think it would help you to sit down with an accountant to consider your options. Everything has to be crunched – any potential income sources (Social Security for your kids) – your monthly expenses, and any options that you may have or want to investigate. That has to be done in a face to face meeting with someone who you will have an ongoing relationship with.

Haven’t come across that problem! For most people, its the opposite, they don’t have enough. You can apply for as much as you want, and see where they might cut it off.