With so many financial responsibilities in today's world, we're commonly asked whether or not it's legal to take out more than one life insurance policy.
The answer is, yes.
Unlike other insurance policies, such as car or home, or a mortgage, it's possible to secure multiple life insurance policies simultaneously.
In fact, layering life insurance allows you to have multiple policies to cover different financial responsibilities. For example, children, spouse, mortgage, living costs, inheritance and funeral costs.
When taking out multiple policies your current situation will be taken into account by the insurer to determine whether or not you require that level of cover.
You'll not be approved to take out more life insurance cover than is deemed required for your personal circumstances.
Now we know you can have simultaneous policies, let’s look at all the other important information with regards to this setup.