Lambe & Associates, Inc.

The Complete Puzzle: The Benefits of Bundling

The world is full of uncertainty, and many of us turn to life insurance to provide a safety net for our loved ones and ourselves. But sometimes life insurance is not enough to cover all of life’s uncertainties – like the financial need that an unexpected illness or accident can cause. Combining different types of insurance into one convenient bundle can give you and your family peace of mind knowing your needs are more fully covered.   

So, what is insurance bundling?

Many companies offer product bundles – consider your cable or internet provider for instance. Bundling is a common practice of amalgamating products or services in order to offer them as a single, simple package, oftentimes at a reduced rate.

Insurance bundling is no different and involves combining multiple lines of coverage from a single or multiple carriers into one package. Insurance can be bundled in a couple of different ways:  

Option 1

The first and simplest option is to add one or more riders (coverage add-ons) to a base plan. For example, if you purchase permanent life coverage as your base insurance, it might be advantageous to add accidental death, term insurance, a critical illness rider or a child protection rider.  

Option 2

An à la carte bundled plan, using multiple insurance carriers for the different products, may also be worth considering. The extra bells and whistles may be a little more costly, but there is value in getting exactly what you need – no gaps, complete coverage.

What are the benefits of bundled insurance?

Most insurance carriers will lower the policy fee for bundled insurance when they underwrite it all. The amount you save will of course depend on your selected plans and the provider, but the combined coverage can be less costly than purchasing individual plans.

Perhaps the biggest benefit to bundled insurance is the peace of mind knowing that you have more of your personal insurance needs covered. Yes, you have life insurance, but now you also have disability and/or critical illness coverage in case you have an accident or become ill, and that’s smart planning!

There is a saying, “the best defense is a good offense”. Nothing could be truer when it comes to your life and the lives of your loved ones. The fact is that one in five Canadians will experience a disability and two in five Canadians will go through cancer in their lifetime (1). Life insurance is no longer the single solution. By choosing a bundled insurance package, one that includes both life insurance and living benefits, you can play offense and protect your family against more of life’s risks.


1) (Canadian Cancer Society, 2023)