Yes you can have two or more life insurance policies. There is usually no limit to the number of policies you can own. Insurance companies are concerned about the total amount of coverage in force or applied for. From a practical standpoint each policy has a policy fee, and although some insurers do reduce the fee on the second policy there is still a fee.
An independent insurance broker, representing several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
Yes, you can have two term life insurance policies, as long as your qualify financially for the sum total of coverage for both your policies. Sometimes it can save you some money to take one shorter term policy, and one policy with a longer term. And many people keep their existing term policy when they purchase a new one.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Yes, you can! Two of the most common reasons why people do this is to create a combination of benefits (e.g. having part of the coverage for 20 years and part of it for 30 years or guaranteed for life) or supplementing an existing policy to increase the total amount of coverage.
For people only securing coverage through non-medical policies, they are generally limited to a maximum amount of coverage they can purchase under a single policy. To secure higher amounts, they will stack another policy on top of it (e.g. company A limits coverage to $250,000 under a no-exam policy, but you want a total of $500,000 - you could purchase a second $250,000 no-exam policy through another carrier to bring the total amount of coverage to the desired $500,000 amount).
I hope the information is helpful - please feel free to contact me for assistance with your program and if you have any other questions. Thanks very much.
Yes, you can have two or more term life insurance policies as long as you financially qualify for the total face amount. In a lot of cases it is more cost effective to own multiple polices based on the financial needs of your loved ones. For example, you may want a whole life for a small amount for your life time, a 30 year term life policy to cover your mortgage and a 20 year term life to cover the children's education fund in case of your early death. By using multiple policies you will save monthly premiums rather than paying for one policy and having to reapply every few years.
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An independent insurance broker, representing several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
For people only securing coverage through non-medical policies, they are generally limited to a maximum amount of coverage they can purchase under a single policy. To secure higher amounts, they will stack another policy on top of it (e.g. company A limits coverage to $250,000 under a no-exam policy, but you want a total of $500,000 - you could purchase a second $250,000 no-exam policy through another carrier to bring the total amount of coverage to the desired $500,000 amount).
I hope the information is helpful - please feel free to contact me for assistance with your program and if you have any other questions. Thanks very much.