Can I have more than one life insurance policy?

Asked by Kathleen

11 Answers

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Answered by Gordon Kushnick, Insurance Agent in Seattle, WA
Absolutely.

In fact, I have two life insurance policies. One term policy and one permanent policy.

Term life insurance is designed to provide financial stability during a specific time period or term. For example, if you buy a house with a 30 year mortgage, 30 year term life insurance is an appropriate product. When the mortgage is paid off, then the financial protection your term life insurance provides is not necessarily needed any longer.

Permanent life insurance, is just that. Maintaining a much smaller permanent plan will insure that no one is burdened, financially, with your final needs.

There are multiple options and plan designs within both term and permanent products, please consult a licensed agent before making a purchase on the web. | 12.13.13 @ 14:15
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Answered by Michael Hoffman, RFC, CLU, ChFCPRO+ in Grass Valley, CA
Gordon is right.
If you have more than one term policy, it is a good idea to consolidate term into one policy. There is a "volume discount" or banding at $250k, $500k, $1 mill plus there is a policy fee in each contract. | 09.22.14 @ 21:41
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
I agree with Gordon. I have temporary *and* permanent needs for life insurance, so I have term and universal (permanent) life policies. The term policy is matched to a 15 year mortgage; which is to say that it is a 15 year term. The universal life policy is built to run for the rest of my life. Together, they take care of the temporary and the permanent needs. By the way, the term plan's benefit is large. The UL plan's benefit is small, which fits each need, respectively. You will notice that the need is what guides the purchase. | 01.22.15 @ 21:18
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Answered by Burt Williamson, MBA, CFP in San Mateo, CA
Term is OK as it is cheap, but if you ever plan to refinance your mortgage, as most people do, you're better off covering your mortgage with permanent coverage and definite periods with term. | 01.26.15 @ 18:13
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
A
Answered by Arin
Yes, you can have multiple insurance policies but keep in mind you get a discount on the price based on face value. The higher the face value, the larger the break in premium payments. | 03.03.15 @ 22:02
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Answered by John Cole, Insurance Agent in Indian Trail, NC
Yes it's ok to own more than one life policy. Term is for now needs and Index Universal is for long term with savings attached and living benefits which will help if you get sick and need cash. Term policies have these options also, so with the blend of having both you can keep this investment from being used up if you do get sick. Contact your consultant for your plan. | 07.12.15 @ 16:20
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Answered by Ryan Latko, Insurance Agent in Aledo, IL
YES! Just make sure the agent you chose gets the ok from the carrier to write it based on your current income. I ran into that problem once and will never make it again. Most carriers will only want to write a certain amount based on income and need. That being said every company is different. | 07.13.15 @ 16:04
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Answered by John Cole, Insurance Agent in Indian Trail, NC
Sir I really don't know your financial status but at any rate a blend of whole life with living benefits such as an IUL policy that would provide you income in retirement and a term policy with living benefits if you would get sick you could leverage the face value at 90% to get your family through the hardship this would then most likely leave this policy as a burial policy at the same time the IUL will keep growing for your retirement, This strategy works for most age groups. Of course we would need to look at your income to debt ratio, Iif you need help we are to serve you. | 08.04.15 @ 22:28
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Yes!! You can but you need to understand the purpose of your having a multiple insurance. Term is good to cover your assets like a house. Whole Life is to cover your death . Index Universal Life is good for extra retirement money, education and Long Term Care. For more information contact us. | 08.06.15 @ 09:07
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Answered by Terry Grambo, Financial Adviser in Longview, WA
I suppose you can have as many as you wish.....Their are a variety of policies as well as vendors. Each can be different in its own structure and premium pricing. | 09.16.15 @ 20:38
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
Everyone who's answered thus far has valid points. I would make sure you ask about "living benefits" that guard against chronic, critical and terminal illnesses as you age and allow you to access the majority of the death benefit while you're still alive should one of those life-altering events occur. I believe this to be an important evolution in recent life insurance history.

Mike Zaino
www.TZGFinancial.com | 02.19.16 @ 19:26
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 18:31
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