This article provides accurate information on the question i.e "can you have more than one life insurance policy"
Can You Have More Than One Life Insurance Policy?
Can you have more than one life insurance policy?— Getting to have more than one life insurance policy seems like a pretty good idea on the surface but it might turn out to be a little bit complicated in reality. The idea behind the notion "the more protection, the better" doesn't always go as expected.
This article provides accurate information on the question i.e "can you have more than one life insurance policy"— we'll get to examine the number of life insurance policy you at eligible to have and if it is a good step to take.
So, to answer the question:
Can You Have More Than One Life Insurance Policy? YES, BUT...
Honestly, you can. You have the right to have more than one life insurance policy. You can meet and engage in different life insurance policies.
But then, do you really need to consider having more than one life insurance policy?
Do I need more than one life insurance policy?
It is not quite advisable to do, despite the fact that it appears that you can have more than one life insurance policy. This is because your life insurance premiums are based on the information you disclose about your health history at the time you take out a policy.
In such light, there's no guarantee that you will pay the same rate with a new additional policy, as you’ll be older than when you took out the first one. You might however consider adapting their existing policy according to their changing needs.
Why Would I Want Multiple Life Insurance Policies?
Several reasons may cause you to decide on whether you can have more than one life insurance policy. Below are some of the visible, common reasons you might want to take additional life insurance policy:
To get maximum cover for your financial responsibilities, like a mortgage or a child’s tuition fees, if your present arrangement doesn’t cover it.
You have made some positive health changes, so you want to shop around for better premiums while keeping your old policy.
You wish to take out two single life insurance policies rather than a joint policy.
You have more than one protection shortfall e.g. you might need decreasing insurance to protect a repayment mortgage and level cover for family protection.
How Many Life Insurance Policies Can You Have?
Technically, there's no legal limitations as to the exact amount of life insurance policy you are eligible to have.
Can You Have Life Insurance With More Than One Provider?
You can have several life insurance policies with different life insurance providers and still have the right to claim against the policies if there's any complications in the future. The same way you can have more than one life insurance policies, you can also have these policies with several other life insurance providers.