Can You Have More Than One Life Insurance Policy?

On the surface, having multiple life insurance policies seems like a smart move. It makes sense that greater defence is better. The truth is a little bit more nuanced. This article will look at the number of life insurance policies you can have and whether you ought to think about it.

Can I take out more than one life insurance policy?

Yes, you are permitted to hold multiple life insurance policies. There is no legal restriction against you having a variety of life insurance plans.

Why would I want more than one life insurance policies?

If any of the following scenarios apply to you and your needs change to the point where you might want to obtain supplementary life insurance, for example:

If your current arrangement doesn’t meet your financial obligations, such a mortgage or a child’s education, you want to get the most coverage possible.

You want to search around for lower premiums while holding onto your current insurance because you no longer smoke or you’ve made other healthy adjustments.

Instead of a joint policy, you prefer to purchase two separate life insurance policies.

You need reducing insurance to safeguard a mortgage repayment and level cover for family protection, for example, if you have more than one protection gap.

Do I actually need more than one life insurance policy?

You may have more than one life insurance policy, but it doesn’t necessarily imply it’s a good idea. Your life insurance premiums are calculated based on the health history information you provide when you apply for a policy. Due to the fact that you would be older than when you obtained the first policy, there is no assurance that you will pay the same premium for a new supplementary policy.

Instead, many consumers would prefer to modify their current coverage to suit their evolving demands. Did you know, for instance, that depending on certain life circumstances, Legal & General may allow you to enhance your life insurance coverage without requiring further medical documentation? Additionally, you can request adjustments to the policy’s coverage limits, term duration, converting from joint to single insurance, or even switching from monthly to yearly premium payments. Conditions apply, and you should consult your original policy documentation to see whether there are any exclusions depending on your current situation.

As a couple, can we have multiple life insurance policies?

You may be familiar with joint life insurance, but is it possible to have more than one policy with your spouse? Yes, and some pairs favour it that way. Despite covering two lives, joint life insurance often only pays out upon the passing of the first covered person within the policy’s term, after which the coverage expires. The surviving partner will still have coverage in place after the first death if two single life insurance policies are taken out, however.

Although it’s true that if you have a joint policy, we won’t pay the cover amount more than once, in this case, the other party could still want to continue their coverage in the form of a new single life insurance.

How many life insurance policies can you have?

There is no restriction on how many life insurance policies you can have. But keep in mind that you might be able to modify your current policy if your position changes in the future. Even if you are free to have multiple life insurance policies, there might be better options if you ever need to check your coverage.

Can you get life insurance from more than one provider?

You can obtain numerous life insurance policies from different companies, yes. There is no legislation that forbids this, and if the worst were to happen, a claim could be made against each policy. Remember that if your provider offers a discount for purchasing more coverage, you can save money by keeping with them.

You can also check out How Much Life Insurance Do I Need?