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Is there a limit on the number of Life insurance policies one can buy?

March 22nd, 2010 | | Tags: , , , | 7 Comments | |

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Was thinking about taking out a life insurance policy, but just wondered if you can take out more than one in?

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7 Responses to “Is there a limit on the number of Life insurance policies one can buy?”

  1. ? Says:
     March 22nd, 2010 at 9:02 am

    Yes you can have more than one policy. There actually is no limit to the number of policies that someone can have. There are several good reasons to have more than one policy.
    Some companies may limit the amount of coverage that they will issue an individual based on various factors which could include age, income, net worth, reason for the coverage, etc…
    For example, an unemployed person with little assets would likely not qualify for a $2 mil policy.

  2. AnD Says:
     March 22nd, 2010 at 9:02 am

    its your money

  3. aaron p Says:
     March 22nd, 2010 at 9:02 am

    There is a limit to the total amount of insurance you can buy, but not the total number of policies. In other words, feel free to buy as many policies as you want to.

    Please note sometimes it is more efficient to have one policy than many smaller policies (something to consider). Also, if an underwriter thinks you are taking out many small policies to avoid certain requirements, they will notice and increase scrutiny.

    Good luck.

  4. jlf Says:
     March 22nd, 2010 at 9:02 am

    Yes, you can have multiple policies.

  5. car253 Says:
     March 22nd, 2010 at 9:02 am

    Yes. But you get a very bad deal that way. Insurance companies give you a better rate if you buy more. Just like at costco. And, with each policy you have policies fees. So, why not just have one large policy with just one fee.

    And, then you can name as many beneficiaries as you like on one policy and split the money any way you want.

  6. mbrcatz Says:
     March 22nd, 2010 at 9:02 am

    No, there’s no legal limit. As long as you disclose all the other policies to each new insurer, and they’re willing to write the policy for you, you’re all set.

  7. geets Says:
     March 22nd, 2010 at 9:02 am

    no not at all…. in fact apply your next policy here

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