According to internal data from Reassured, the average cost…
It’s possible to secure multiple life insurance policies simultaneously.
Unlike other insurances, such as car and home, there’s no legal limit on how many life insurance policies a person can hold.
With so many financial responsibilities in today’s world, having multiple life insurance policies can help to provide comprehensive financial protection for your loved ones.
Whilst there aren’t any laws regarding the number of policies that you can have, insurers often won’t approve you to take out more cover than is deemed necessary.
When taking out multiple life insurance policies, it’s essential to compare quotes to secure a great deal.
At Reassured we can help save you time and money by comparing quotes and providing you with the most affordable options from our panel of insurers.
Simply get in touch today for your personalised, fee-free and no-obligation quotes.
Keep reading as we cover:
Having multiple life insurance policies in place can help you to cover different aspects of your life.
Often, hitting certain milestones triggers the need to take out life cover. For example, buying your first home, getting married, starting a family and making arrangements for later life.
Each of these milestones will happen at different stages. Therefore, layering your life insurance can allow you to cover different financial responsibilities as and when you reach these important milestones.
Alternatively, you may choose to secure multiple life insurance policies from the get-go to help maximise the life insurance pay out your loved ones would receive if you passed away while cover is in place.
Compare life insurance quotes through Reassured to find the most suitable policy to meet your needs.
Typically, the need for an additional life insurance policy arises due to a change in circumstances which means your current level of cover is no longer sufficient.
In particular, you may consider having more than one life insurance policy if:
However, if you find yourself needing a greater level of cover, it’s not always necessary to secure a new policy.
Some policies include a ‘special events’ or ‘guaranteed insurability’ option which allows you to increase your current sum assured (cover amount). This includes events such as:
The benefit of the guaranteed insurability option is that you don’t have to provide any new medical information. Your premium will simply change based on your new sum assured and age.
Seeking the help of an experienced life insurance broker, like Reassured, can help you to gather all the information you need to establish whether having multiple polices is the right option.
Get in touch with a friendly member of our team so you can make a fully informed decision.
There are multiple types of life insurance, each better suited to covering different aspects of your life.
As each policy can be used to cover different financial obligations, you may choose to layer more than one policy.
The life insurance policies available include:
You may also choose to layer a life insurance policy with other types of financial protection, such as:
Comparing quotes is essential in finding the right policy to meet your needs.
Why not use our award-winning broker service to compare multiple life insurance policies free of charge?
The price you’ll pay for multiple life insurance policies will depend on your personal circumstances and the policy types you take out.
When taking out multiple life insurance policies, the total price you pay will be the sum of all the premiums combined.
How much you’ll pay for each life insurance premium will depend on key factors, such as:
Below you will find example premiums for multiple types of life insurance. Quotes are based on a non-smoker in good health:
|Age||Level term (20 year term, £100,000 of cover)||Decreasing term|
(20 year term, £100,000 of cover)
|Whole of life insurance (£50,000 of cover)|
Example (based on the pricing used above)
If you took out a decreasing term life insurance policy at 25, followed by a level term life insurance policy at 30 you could be paying £7.79 per month for both policies combined.
Securing a new policy alongside your current policy may not always be the most cost-effective solution.
It’s wise to compare new quotes for the full new sum assured you require, as well as for just an additional policy.
Comparing quotes through a life insurance broker could help secure the most affordable policy to meet your needs.
Life insurance through Reassured starts from just 20p-a-day, so why not get in touch?
When taking out life insurance as a couple, you have the option of two single policies or one joint life insurance policy.
A joint life insurance policy covers two lives simultaneously, so there’s one premium to pay between both parties. This can help you to save money on a policy.
However, there will only be one pay out during the policy term. Once a pay out has been issued, the policy will expire and the surviving partner will no longer be covered.
The table below shows example quotes for a joint life insurance policy vs two single policies. Quotes are based on non-smokers in good health for a level term life insurance policy with a 20 year term and £100,000 of cover:
|Age||Joint life insurance price per month||Two single policies price per month||Percentage difference|
As you can see from the table, it could be possible to save up to 43% when taking out a joint life insurance policy.
While this could be beneficial if you’re on a budget, it may not be the most comprehensive option.
Taking out more than one life insurance policy as a couple means that each partner is protected in their own right.
While it can be slightly more expensive, this option will provide two separate pay outs if you were to pass away during the policy term (providing a higher level of cover).
If you and your partner were ever to split, having two separate policies would also remove the need to try and split a joint policy or cancel the policy to secure new cover.
At Reassured we can help you conduct a full joint life insurance vs two single policies comparison to allow you find the right option for your needs. Simply get in touch.
Yes, it’s possible to have more than one over 50s plan.
Over 50 life insurance guarantees acceptance to UK residents aged 50 - 85 without the need to provide any medical information.
Due to the unknown risk, the sum assured you can secure is often much lower than with traditional life insurance (typically capped at £20,000).
Many over 50s life insurance providers also have a maximum premium amount (for example, with SunLife, the maximum premium you can secure across multiple policies is £100).
This means you won’t be able to take out cover which exceeds this premium price.
If wishing to secure a greater level of cover with an over 50s plan, you could secure multiple policies with multiple providers.
At Reassured we can help you compare quotes from leading over 50 life insurance providers, including SunLife. Simply get in touch for your free quotes.
SunLife offer the most popular over 50 life insurance in the UK, why not read our in-depth SunLife over 50 plan review for all the details? »
Having multiple life insurance policies can be beneficial as each policy has a different purpose.
As your circumstances are likely to change over time, having multiple policies can allow you to keep up with ever changing needs.
For example, while you have a young family to support, term life insurance can help protect your mortgage and living costs if you were to unexpectedly pass away.
As you get older, whole of life insurance or an over 50s plan could be more suitable to provide a guaranteed pay out to help your loved ones cover the cost of your funeral.
|Level term life insurance||Help protect an interest-only mortgage, other large debts and family living costs|
|Decreasing term life insurance||Help protect a repayment mortgage (as your sum assured can reduce at the same rate)|
|Whole of life insurance||Provide a guaranteed pay out for your loved ones|
|Over 50 life insurance||Provide a guaranteed pay out to help with funeral costs and/or provide a small inheritance|
Ultimately, whether having multiple life insurance policies is right for you will depend on your personal circumstances, reasons for securing cover and your available budget.
It’s always best to discuss your cover requirements with an expert who can obtain multiple quotes to help you determine the most cost-effective option.
Why not get in touch with Reassured to compare quotes free of charge?
Is it legal to have multiple life insurance policies?
Yes, it’s legal to have more than one life insurance policy.
There’s no legal limit on the amount of life insurance policies a person can secure.
However, insurers may not permit you to secure cover that’s unnecessary for your needs.
What happens if you have more than one life insurance policy?
If you have more than one life insurance policy in place, you’ll be required to pay multiple premiums to keep each policy valid.
Your loved ones could also receive multiple pay outs which could provide a greater sum than one single policy.
Can multiple insurance policies be written in trust?
Yes, it’s possible to write multiple policies in trust (if a trust writing service is offered with the policies you secure).
Writing your life insurance policy in trust will detach your policy from your estate. The main benefits on doing this include:
At Reassured we offer a free trust writing service with the majority of the policies we sell.
Our friendly team can guide you through the process and answer any question you might have.
Can I have the same beneficiary across multiple life insurance policies?
Yes, you can name the same person (or people) as a beneficiary across multiple polices.
For example, if you would like your partner/spouse to receive all the pay outs, it’s possible to name them as the beneficiary on all policies.
Can I claim on more than one life insurance policy?
Yes, if you’re the beneficiary of multiple policies, you’ll be able to claim on each policy if the policyholder passed away during the term.
Similarly, if you have multiple life insurance policies in place, your loved ones will be able to claim on each policy if you passed away during the term.
Do multiple policies need to be purchased at the same time?
No, you don’t need to purchase multiple policies at the same time.
It’s likely that your need for each policy will develop at a different time in your life, therefore multiple policies are often purchased at different times.
Can I have multiple policies with different providers?
Yes, you don’t need to purchase multiple policies from the same provider.
Although, some providers may offer a discount when taking out more than one policy at the same time.
Typically, providers will have a maximum sum assured that you can secure (as a single policy or through multiple policies). Therefore, if you wish to exceed this amount it could be beneficial to take multiple policies with different providers.
No one knows what life has in store and for many of us, our needs will change over time.
The life insurance policy you took out 10 years ago may no longer be sufficient for your current needs, so it’s wise to evaluate your cover regularly.
If it’s within your budget it’s perfectly legal to secure more than one life insurance policy to provide a more comprehensive solution for your loved ones.
Comparing quotes is essential in helping you secure the right policy to meet your needs at a price you can afford.
At Reassured we can help you carry out a price comparison, provide you with the most suitable options and answer any questions you might have along the way.
All quotes are fee-free and, the best part is, life insurance through Reassured starts from just 20p-a-day.
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