Can you carry more than one life insurance policy?

Answer 1

Absolutely. But why would you want to?? Do you realize that it cost money to design each policy? If you looking for extra coverage, just increase the one you have. If you have a spouse, you can add a spouse rider to your policy.

If an agent sell you more than one life policy, the real loser is you and the winner is the agent. For each policy he gives you, he gets paid big bucks!!

Answer 2

Yes you certainly can and it is often a combination of life policies that work best for someone! However, I would highly recommend making sure that whatever products you consider are the best to suite your needs or those that are likely to come. For example if you are a young married person, you may plan on having kids down the road, perhaps you want to make sure they are taken care of if something happens. Insurance costs are going to be much cheaper to lock in while you are younger and before any potential health concerns pop up. Also make sure to have someone thoroughly explain the various types available, such as Term, Permanent, or Universal life policies. Ultimately, stick with what you can afford. It is better to have some coverage rather than no coverage, but the money is totally wasted if you start a policy and then can't afford it down the road (this is particularly true with Term policies, and they are probably the most common type out there). Also make sure you are buying from a company that is going to still be around when it comes time to pay out. There are a lot of extremely cheap options out there, but the company providing them could pack it all up tomorrow and then you would have nothing.

Answer 3

The short answer to your question is "YES".

You can carry as much as you're "worth". For example, if you make $100K a year a typical life insurance company would insure you for up to $1,000,000 assuming your health doesn't make you uninsurable. If you bought that million dollar policy chances are you wouldn't be accepted for another because you are not "worth" the additional coverage (no offense). However, you could buy 10 different $100,000 policies from 10 different companies without a problem (or from the same company). Quitefive adds clarity to your question. You will be required to disclose any active life policies when applying for a new one.

Keep in mind the numbers I've used are nice and round and are only for the sake of the example. The highest amount of insurance any given life insurance carrier will offer you depends on the carrier, your current income and your net worth (including assets).

Answer 4

It is legal, but when you apply for a policy you usually have to disclose whether you have existing life insurance policies (or have applied for other life insurance policies). The insurance company will decide if it matters to them.

Already having some life insurance is usually not a problem. It won't mean you can't get more, but the insurance companies want to know, because 8 or 9 policies might be suspicious.

BTW, if you lie on the application, they can probably get out of paying if anything happens later.

Answer 5

Yes, you can.

They will ask you on the application if you already have life insurance, who it's with and how much life insurance you currently have.

You must answer all questions on the application truthfully. Life insurance companies do dispute paying claims if there is any sign of fraud or misrepresentation on the life insurance application. Especially, within the first two years - during the contestability period of the policy.

Make sure you can afford your premiums. Many times you may be able to increase the limits of coverage you currently have on your existing policy, so ask your insurance company or agent about this option.

To learn more about term life insurance go here: http://www.term-life-online.com/term-life-insurance-guide.html

Answer 6

Most life insurance policies are usually less than 10 pages
long so you could probably carry 25 to 50 thousand with no
problem. This assumes that you are in fairly good health
with no medical restrictions.

Answer 7

Yes. While taking the second (or that matter the next) policy you have to declare all the existing insurance cover available to you. Than the risk policy of the insurer will decide whether to give you an extra cover or not depending on your profile - income, assets and liabilities, medical condition, etc.

Answer 8

Yes, you can carry as many policies as insurers are willing to issue to you. Basically, it depends upon the total amount at risk. If you have a large policy relative to your assets and income, it would be difficult to acquire another policy due to impaired risk on the part of the secondary insurer.

Answer 9

Yep I have one through the army for obvious reasons and a few through the civilian side. They say you should have at least 7 to 8 times your yearly salary in life insurance especially if you have children.

Answer 10

Yes and most often it makes good sense to have more than one as your insurance need change over your lifetime.

Talk to a licensed insurance professional in your area.