Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Today's question is, "How many life insurance policies can I have?" Well, actually you can have as many as you want as long as the death benefit doesn't exceed the justification issue, which is the companies will say,
"We think that your exposure on your life is worth," let's say a million dollars.
So if you have four or five policies and they total up to a million and as long as it did not exceed what they call financial justification you can multiple policies and many people do. But remember, the total amount of insurance on all these policies are going to be shown on the application. And so when you take the total, as long as it doesn't exceed what they believe is your economic justification, it doesn't exceed it, you'll be able to get as much insurance as you want up to that limit.
You can have as many life insurance policies that you can qualify for medically and financially. Life insurance companies don't mind if you split up your coverage into several different policies; in fact, some types of coverage work better than others for certain needs. Also, some people like to diversify their coverage between different companies.
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"We think that your exposure on your life is worth," let's say a million dollars.
So if you have four or five policies and they total up to a million and as long as it did not exceed what they call financial justification you can multiple policies and many people do. But remember, the total amount of insurance on all these policies are going to be shown on the application. And so when you take the total, as long as it doesn't exceed what they believe is your economic justification, it doesn't exceed it, you'll be able to get as much insurance as you want up to that limit.