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How many life insurance policies can I get?



There is no limit to how many life insurance policies you can purchase. You can buy several insurances from different insurance companies, but insurance companies can start asking questions if your coverage reaches a point that exceeds your income.

Can buying more than one life insurance policy cause problems?

You can have more than one life insurance policy, and there is no rule against applying to more than one insurance company at a time. However, doing so can complicate the application process.

When submitting applications, life insurance companies share the information with each other. The purpose is to avoid insuring yourself outside your insurance limits – the coverage rate you can reasonably buy based on your income, debts and other financial factors. When you apply to more than one company at a time, you may be denied all of them, or your applications may be delayed. You may need to undergo more than one medical examination.

Our experienced agent can help you find the cheapest and best life insurance. If you want to buy more than one policy, we can help you split the coverage without slowing down the process or raising any red flags.

Why buy more than one life insurance policy?

There are several reasons why you may want more than one life insurance:

  • Group life insurance is not enough: If your employer offers a group life insurance, it may make sense to choose, but the insurance may not provide much coverage that you need. In this case, you may want to buy additional life insurance.
  • Major life changes: If you are getting married, having a child, starting a business or buying a house, you may need to increase your life expectancy. insurance coverage you have. You can choose to purchase additional insurance rather than increasing the limits of your current insurance.
  • Long-term financial planning: Life insurance can play an important role in a financial plan. Many people use the step-by-step strategy and buy life insurance with different terms, such as 10, 20 and 30 years, to reduce the coverage amounts, which expire one by one when costs are reduced and debts are paid down. Costs such as childcare and mortgages are likely to be highest during the first ten years, and this is when you have the highest coverage.
  • Risk reduction: Some people do not like the idea of ​​relying on a single insurer for their family's future financial protection. Buying multiple life insurance policies places your "eggs in more than one basket" to minimize the risk of a business going out of business.

When working with our agent, we can discuss alternatives to purchasing multiple life insurance policies, such as increasing your coverage amount or adding riders (additional benefits) to your insurance. If you want to buy more than one insurance, we can help you get the right coverage for the lowest prices.


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