can you have multiple life insurance policies
 |
| can you have multiple life insurance policies |
On the face of it, having multiple life insurance policies sounds like a good idea. The more protection the better, right? The reality is a bit more complicated. In this guide we will examine how many life insurance policies you may have and whether you should consider them.
Can I take more than one life insurance policy?
Yes, you can have more than one life insurance policy. There is no law that prevents you from combining different life insurance policies.
Why do I want multiple life insurance policies?
It may mean you want to take out an additional life insurance policy if you need to change based on the following situations.
➡️You want to get the most cover for your financial responsibilities, such as a mortgage or child's tuition fees, if your current arrangement doesn't cover it.
➡️You no longer smoke, or you've made other positive health changes, so you want to shop around for a better premium while keeping your old policy.➡️You may want to take two single life insurance policies instead of a joint policy.
➡️You may need a reduction in insurance to protect you have multiple protection gaps such as a mortgage repayment and family protection level cover.
Do I need more than one life insurance policy?
While it is possible for you to have multiple life insurance policies, that does not mean it is advisable. Your life insurance premiums are based on the information you disclose about your health history when you take out a policy. As such, there is no guarantee that you will pay the same rate with a new additional policy, as you will be older than when you took out the first one.
Many customers prefer to adapt their existing policies to their changing needs. For example, did you know that with Legal & General, you can increase your life insurance cover for certain life events without requiring more medical information? You can also ask for policy tenure length, cover amount, switch from joint to single policy or even change your premium payment from monthly to annual. Terms and conditions apply, and refer to your original policy documents to check for any exclusions based on your circumstances at the time.
How many life insurance policies can you have?
You can get more than one life insurance policy if you want – there is no legal limit. But remember, it's sometimes possible to adapt your existing policy if you see your circumstances changing in the future. So while you may want to have more than one life insurance policy, there may be better options if you need to review your cover.
Can you get life insurance with multiple providers?
Yes, you can take multiple life insurance policies with multiple providers. There is no law to prohibit this, and if the worst happens, it will be possible to make a claim against each policy. Note that you may get a better deal by sticking with one provider if they offer discounts for additional cover.
Can I get multiple life insurance policies with Legal and General?
While you can get more than one life insurance policy if you want, our flexible approach means it's not strictly necessary. Of course, no one's situation stays the same forever, and please talk to us if you need to make changes to your policy. We will consider your request and let you know if what you are asking for is possible and what the new premium will be. If you make any changes to the policy, a new policy may be set up and different terms may apply.
