Is it possible for one person to own more than one life insurance policy?
Yes, you can have multiple life insurance policies.
Life insurance companies allow people to have one, two or several life insurance policies if they need it.
Over your life, your need for life insurance may change, that's why it's possible for someone to purchase additional life insurance plans.
However, most life insurance carriers will limit the amount of life insurance you may have to around 20 times your annual income.
Insurers want to make sure you aren;t over-insured which may lead to you taking your life possibly, to get the payout for your family. Suicide is excluded in life insurance within the first two years you buy your policy, and only one year in some states like Colorado.
Some people may buy multiple life insurance policies throughout the course of their life for one of several reasons, such as,
1. To increase the amount of life insurance protection.
2. To have term and permanent life insurance plans for their short and long term needs.
3. To add coverage to protect their business.
4. Due to a major life event, such as, getting married, having children, a job promotion, or buying a new home.
The life insurance company usually asks about other life insurance you already have when you apply for a new life insurance policy. They consider this amount of life insurance when determining how much life insurance they may offer to you.
Here's an article with more information about how many life insurance policies can you have.
Yes, you can have multiple life insurance policies.
Life insurance companies allow people to have one, two or several life insurance policies if they need it.
Over your life, your need for life insurance may change, that's why it's possible for someone to purchase additional life insurance plans.
However, most life insurance carriers will limit the amount of life insurance you may have to around 20 times your annual income.
Insurers want to make sure you aren;t over-insured which may lead to you taking your life possibly, to get the payout for your family. Suicide is excluded in life insurance within the first two years you buy your policy, and only one year in some states like Colorado.
Some people may buy multiple life insurance policies throughout the course of their life for one of several reasons, such as,
1. To increase the amount of life insurance protection.
2. To have term and permanent life insurance plans for their short and long term needs.
3. To add coverage to protect their business.
4. Due to a major life event, such as, getting married, having children, a job promotion, or buying a new home.
The life insurance company usually asks about other life insurance you already have when you apply for a new life insurance policy. They consider this amount of life insurance when determining how much life insurance they may offer to you.
Here's an article with more information about how many life insurance policies can you have.
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