2007-01-04 04:21:12 · 7 answers · asked by pupicek77 1 in Politics & Government ➔ Law & Ethics
There is no law against how many life policies you can have on yourself. I seen people where they have over 10 life policies on themselves. "Someone is getting rich and someone is getting ripped off."
2007-01-07 07:11:51 · answer #1 · answered by Anonymous · 2⤊ 0⤋
No, it is not illegal to have two or more life insurance policies.
When you apply for life insurance coverage, the application usually asks the question - if you have any other life insurance coverage.
I suppose by asking this question, the insurer is trying to determine if you are overinsuring your life based on your current income and needs of your loved ones for financial protection.
However, there is not a law stating a person cannot have two life insurance policies.
Usually, it is less expensive to carry one policy with the correct amount of protection you need. With two or more policies, you are paying fees related to issue and maintain your policy with two or more companies usually. If you have all your coverage through one insurer, it should be more affordable for you.
I hope that helps! Take care.
2007-01-04 13:54:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can take out as many policies as you wish, but be wary of the kinds of policies you take out. Cash value policies are often billed as being "better" because you can essentially sell the policy back to the company for a bit of money. Insurance salesmen will brag about this being a form of investment...don't listen to them. Cash value life insurance policies are terrible investments because you can only cash out a fraction of what you pay in, not to mention that cash value policies are rigged in such a way that they will eventually begin paying their own premium out of the cash value (which means the policy will eventually eat itself up, leaving you with NO insurance.)
Go with term life insurance--it doesn't have a cash value, but that doesn't really matter because life insurance isn't supposed to be a glorified savings account anyway. With term life insurance, you can get greater coverage for a much lower rate.
2007-01-04 12:31:36 · answer #3 · answered by P.I. Joe 6 · 0⤊ 0⤋
You can have whatever they'll sell you. However, you will have to tell each company that you are buying additional coverage elsewhere, so they can assess their risk.
2007-01-04 12:24:45 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You can have as many as you can pay for.
But one large policy is best.
2007-01-04 12:27:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
There is no limit in the U.S. ... you can have as many as you can pay the premiums for!
2007-01-04 12:29:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can have as many as you can pay for...............
2007-01-04 12:22:42 · answer #7 · answered by tallerfella 7 · 2⤊ 0⤋