Can I have life insurance from multiple insurers?
Can I have life insurance from multiple insurers?
I have life insurance through my employer. But the max I can get is 5 times my salary. Because I don't think that's enough to support my wife in case something happens to me I also have extra life insurance with 2 more insurance companies. Is it okay to have life insurance with multiple insurers? Will all 3 insurance companies pay out if somethinh happens to me and they find out that I have additional life insurance with other companies?
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5 Responses
1.31.2010
Sure you can. Yes, they will all pay out. They don't 'subrogate' if there is other coverage in place. Source(s): agent, 21+ years
1.31.2010
As for as the Amount of insurancecover is concerned ,it depends on the insurable interest,liabilities ,nature of job, salary etc. of the person & its not exactly 5 times otherwise Higher sum assured proposals could not be cleared from the higher offices or central office of the insurer. Also taking insurance from more than one company is perfectjy okey provided details of previous insurance have been provided prior to taking the Insurance.They will certainly pay out to you if there is no breach of contract by either hiding any information or giving wrong information.yiis
1.31.2010
You can have as many policies as you want to. And yes, if something happens to you, each policy will pay out as you have paid for it. But I think you should look at something. The total cost of all your policies. Can you get the same amount of coverage with just one policy by incresing the amount of the policy. Usually there is some savings if you buy a larger policy, and I can't help feeling with several policys that you may be able to save money by going with just one company. You should shop around.
1.31.2010
yes…as long as you are paying the premiums, you can have as many policies as you want.
1.31.2010
Yes, this is quite common. You may want to investigate if combining your life coverage into one policy instead of 3 would be more efficient, but it doesn't always work out that way. Source(s): Independent agentFormer insurance brokerage manager