Yes, it is okay to have multiple life insurance policies. Insurance companies when they underwrite policies look at the amount of insurance in force, not the number of policies. Depending on your individual circumstances it may or may make sense, though.It is probably more out of pocket for you to have multiple policies. Since you would be paying multiple the policy fees and missing out on possible volume discounts. Since individual circumstances are different, I suggest you contact an independent insurance professional for advice.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
It is permissible to have more than one life insurance policy, as long as you qualify financially for the total amount of coverage.
Sometimes, having a combination of Term and Permanent insurance can better suit your needs and save you money.
Sometimes, people want to carry separate policies because they do not want their beneficiaries to see what each other got.
Some people carry both business and personal policies.
Some like to diversify the companies they use.
Some simply want to patronize a friend or relative who is starting to sell life insurance.
If it is economical and suits your needs, it is perfectly OK to carry multiple policies. If you are being pressured to buy multiple policies and just can't say no, contact a professional to help you sort out what you do and don't need.
Not only is it OK to have multiple life insurance policies I find in most cases it is prudent to have a few. Life insurance policies should be graduated in most cases with permanent meaning whole life, universal life, etc. and term life insurance. You want to stagger term policies to expire as needs change such as children finished college, mortgage has been repaid, etc.
.JPG){kind=avatar}
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Sometimes, having a combination of Term and Permanent insurance can better suit your needs and save you money.
Sometimes, people want to carry separate policies because they do not want their beneficiaries to see what each other got.
Some people carry both business and personal policies.
Some like to diversify the companies they use.
Some simply want to patronize a friend or relative who is starting to sell life insurance.
If it is economical and suits your needs, it is perfectly OK to carry multiple policies. If you are being pressured to buy multiple policies and just can't say no, contact a professional to help you sort out what you do and don't need.