I’ve been wondering if it’s possible to take out more than one life insurance policy. I’ve got one already, but my needs have changed, and I’m not sure if I should get another one or just adjust the current one. Anyone here have multiple policies?
Yeah, you can have more than one policy. There’s no law against it. I have two – one for my mortgage and another for general family protection. It works out because they’re for different things.
oliviamartin said:
Yeah, you can have more than one policy. There’s no law against it. I have two – one for my mortgage and another for general family protection. It works out because they’re for different things.
That makes sense. I was thinking of adding another one to cover my kid’s tuition. Did you find the premiums were different for your second policy?
@Noelani
Yeah, the second policy was a bit more expensive since I was older when I took it out. But it still felt worth it for the extra coverage.
I have two policies too. I got a new one after I quit smoking since my health improved, but I kept the old one just in case. Sometimes it’s better to shop around if your situation changes.
Skyler said:
I have two policies too. I got a new one after I quit smoking since my health improved, but I kept the old one just in case. Sometimes it’s better to shop around if your situation changes.
That’s smart! I never thought about how quitting smoking could lower premiums. Did you have to provide medical info again for the new policy?
@Kayce
Yeah, they did ask for updated health info, but it was worth it for the better deal.
If you don’t want to get a second policy, you can usually just increase the coverage on your current one. Some insurers let you adjust the terms without taking out a whole new policy.
Christine said:
If you don’t want to get a second policy, you can usually just increase the coverage on your current one. Some insurers let you adjust the terms without taking out a whole new policy.
I did that! I was able to up my coverage when I bought a bigger house. Didn’t need to go through the hassle of another policy, but my premiums went up a bit.
My partner and I opted for two single life policies instead of a joint one. That way, if something happens to one of us, the other still has coverage. Joint policies end after one payout, so having two made more sense for us.
@Emerson
We did the same thing. Two single policies give more flexibility. If one of us passes away, the other is still covered without having to take out a new policy.
There’s no limit to how many policies you can have, but it’s worth checking if it’s better to adapt your current one rather than pay for another. Some providers even offer discounts for extra coverage if you stick with them.