Can you have multiple life insurance policies? You’d be surprised how many clients ask me this question!
Let’s face it, wayyyy too many people go without ANY life insurance coverage AT ALL! So, if you have the foresight to buy ONE policy I commend you! But there’s more to this story.
…I mean come on! There has to be some kind of law that prohibits people from buying multiple life insurance policies…right?
What if I told you that two life insurance policies for one person is perfectly legal!
In fact owning multiple life insurance policies may be advised in some circumstances?
I myself own three!
….and if you think that’s a lot, Doug Andrews, a famous life insurance agent, claimed to own 13 at a seminar I attended! He literally has millions of dollars of coverage, just in case the unspeakable happens.
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Hmmm - what's the deal Chris? Sounds like you're just trying to sell us a lot multiple life insurance policies!
More policies = more $$$ for you!
Hold yer horses, partner!
While, I can understand your hesitation. It's not justified! But wait 'til I share these insider tips with you! They're going to open your eyes to a world of possibilities!
You can own separate policies from different carriers, or even more than one policy from the same carrier.
A word to the Wise
"Can you have multiple life insurance policies?"
Yes, life insurance companies DO allow you to purchase multiple life insurance policies - BUT the coverage MUST be justified!
That means if you're making $45,000.00 per year and don't have kids, you can't go hog wild and buy millions of dollars of coverage.
You'll raise red flags. It's just simply not permitted.
Life insurance is meant to protect your dependents from loss of income and debts when you die.
So a more important question than, "can you have multiple life insurance policies?" is DO YOU NEED multiple life insurance policies...
Remember. Keep it real!
To ease the minds of 100's of people asking "Can I have multiple life insurance policies?" - I'm gonna give 3 solid reasons you SHOULD:
2. Managing Risk: Diversification of Insurers
There are no guarantees in life people!
That holds true for EVERYTHING - including life insurance companies (although the risk is minimal).
I think a lot of people got spooked when Genworth exited the playing field. It's not a common occurrence, but there's always a chance that the life insurance company you select will go under.
Don't worry, there are protections in place to make sure you aren't left out in the cold...
BUT it's a point of concern for some.
Spread the wealth
This is another interesting answer to the question “can you have multiple life insurance policies?”.
Instead of relying on ONE life insurance company to fulfill your needs, you may opt to spread the wealth.
I have a few clients who chose this route.
One gentleman has $1 million in laddered coverage with Banner and added on an extra $500K with Protective.
It gives him peace of mind, that something will be available to his family if one of these companies doesn’t come through.
But, buying insurance based on price alone is risky. This is especially true when you want to invest in a long-term life insurance policy. Financially stable life insurance companies are more likely to still be in existence when it is time for your family to claim the death benefit from a policy, 20 or even 50 years from now.
How Much COverage do you need?
One guideline about how much life insurance you need is to calculate 10 times your yearly income.
But Wilson cautions against such generalities. “I stay away from rules of thumb,” he says. “There is a lot of information that has to be taken into account like your income, your debt, any businesses, the number of children, if there’s credit card debt, mortgages.”
This is THE most important question you need to ask yourself.
Far too many people are underinsured and your answer will determine whether you should take out multiple life insurance polices!
A little financial planning goes a long way my friends!
This is why I developed this handy life insurance calculator
It will give you an idea of how much coverage you need.
The next step is to decide when you need coverage the most.
This is where planning with multiple life insurance policies comes in.
The answer will be different for a family with very young children than it will be for a couple in their 40's with kids heading out the door.
Most of my clients are surprised by how much life insurance they actually need.
The numbers creep up fast.
Check it out!
"Can you have multiple life insurance policies?"
Is it legal to own multiple life insurance policies?
It is perfectly legal to have multiple life insurance policies. You simply have to be able to justify the amount of coverage you request.
* Can I apply for multiple life insurance policies at the same time?
Yes, you can apply for multiple life insurance policies simultaneously. In fact, I often recommend this for my clients who have special health conditions. By applying for multiple life insurance policies, we are able to find the most affordable option quickly.
* Can you claim multiple life insurance policies?
The answer to can you claim more than one life insurance policy is a resounding YES! Your beneficiaries needn't worry about multiple life insurance claims. As long as the claim is valid the life insurance company will honor it.
Why Huntley Wealth?
OK! Now that you know that you know the answer to the question “Can you have multiple life insurance policies?”, it’s time to talk turkey.
You ‘re never going to be younger and healthier than you are today!
DO NOT put off buying life insurance if you have dependents who count on your income.
We all know who Superman and Wonder Woman are, but my favorite heroes are the parents that know the risks and protect their families BEFORE tragedy strikes.
The Answer to the question:
Can You have multiple Life iNsurance policies?
Multiple life insurance policies may be the answer to keeping premiums low, while providing maximum coverage during the periods you need it the most.
Whether you want to defray your risk or provide final expense life insurance, Huntley Wealth can help.
We have access to dozens of life insurance companies and our knowledgable agents will walk you through the underwriting guidelines to find the most affordable plan for your life insurance needs.
Give Huntley Wealth a call today at 877-443-9467!
Whether you’re looking for term, permanent or a combination of both life insurance options, we’ll get the best possible deal for YOUR circumstances.
This includes multiple life insurance policies!