When we think about taking care of those we love the most, any protection seems trivial. This is why many people claim that multiple life insurance policies can (and should) be purchased. So that you do not have any doubts about it, here we have all the answers for you.
Is it possible to have more than one life insurance policy?
The answer is yes, you can have two or more life insurance policies if you want.
No case 2 Life insurance that does not protect specific assets The law does not limit the amount of coverage that the same holder can insure because it considers that the value of a person’s life cannot be determined and therefore the amount of compensation owed is limited. Therefore, nothing prevents a person from having different life insurance policies in his name, either with the same insurance company or with a different one, although in the latter case he must inform both companies.
What happens to benefits if more than one life insurance policy is purchased?
Because the law allows you to have more than one life insurance coverage, if you have more than one life insurance policy, your beneficiary will receive the full coverage amount whether the coverage beneficiary is the same or different.
Would it be useful to take out several life insurance?
As we explain in this post on how life insurance works, the main goal of life insurance is to allow beneficiaries to pay off debts, such as home loans, or have funds that help ensure the financial stability of their loved ones. events in which the people who used them died.
Therefore, there may be several Reasons why it may be interesting for a person to have more than one life insurance policy:
- If you want to have several beneficiaries than those allowed by the life insurance that we have contracted.
- If you want , enjoy the additional services offered by various life insurances.
- If you want to increase the financial protection that beneficiaries with a larger amount will receive…
That’s why, in certain situations, having more than one life insurance policy can be very useful.
Is it worth buying more life insurance?
In this case, the answer is that it depends, taking out life insurance implies paying a premium, which is the economic value, so taking out several life insurances results in paying different and higher value premiums.
Therefore, when purchasing multiple life insurance policies, you should consider what purpose you want and figure out if it is beneficial for you.
Another example: Let’s say you already have life insurance, but you want more people to be beneficiaries of this insurance (that is, get paid). In the case of life insurance in which multiple beneficiaries are named and the compensation is distributed among them, there may be situations in which the amount that each one will receive seems insufficient. In this case, you should consider how much your current insurance premiums will increase, whether your coverage will increase, and how much your second life insurance premiums will cost.
You should definitely find out if it is more cost-effective if you have two life insurance policies with lower payments or one life insurance policy with a higher sum insured.
