How many life insurance policies can I have?

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:

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Why would I want multiple life insurance policies?

Having multiple life insurance policies in place can help you to cover different aspects of your life.

The pay outs received from each policy could help to cover the following for your loved ones:

  • Mortgage costs
  • Bills and utilities
  • Household income
  • Family living costs
  • Childcare costs
  • Funeral costs (currently £3,953 in 2023[1])
  • An inheritance

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.

How much life insurance do you need?

Enter your financial commitments below to establish the level of cover you’re likely to require and whether having more than one life insurance policy could be beneficial.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Do I need more than one life insurance policy?

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:

  • Your family has grown - Costs for families with two children increased by 13% from 2021 to 2022 (that’s £400 per month)[2]. A policy that was intended to cover one child is unlikely to provide enough cover to protect your growing family
  • You need a joint life insurance policy - If you’re in a long term partnership or have got married, you may choose to layer your personal life insurance policy with a joint policy to protect shared assets with your partner
  • You’ve moved to a bigger house - Moving to a bigger house often means there’s a larger mortgage to be paid off, if your current policy is mirroring your old mortgage balance and term, this level of cover won’t be sufficient to protect your new home
  • You want to maximise your cover amount - Having multiple policies to cover different aspects of your life could potentially allow your loved ones to receive more than a single policy will allow
  • You’ve quit smoking (or have made other lifestyle changes) - Leading a healthier lifestyle can allow you to benefit from cheaper life insurance premiums. If you’ve made any changes to your lifestyle it could be worth comparing quotes for a new policy to see if you can secure more favourable premiums
  • You’re reaching your senior years - Layering a form of life assurance (whole of life insurance or an over 50s plan) could allow you to provide a guaranteed pay out for your loved ones, which could be used to help cover the cost of your funeral
  • You have a large estate - Your estate is made up of any savings, property and possessions you own. After your passing, inheritance tax will be charged at 40% on any amount which takes your estate over the threshold of £325,000. Having multiple policies could provide an additional sum to help your loved ones pay inheritance tax. Alternatively, you could write your policy in trust to detach your pay out from your estate
  • You have death in service benefit - Death in service will pay out a lump sum if you pass away while in service with your employer. The amount paid out is typically a multiple of your salary. While this is generous, it’s unlikely to cover everything for your loved ones. Therefore, you may choose to layer your own personal life insurance policy to ‘top up’ the remaining funds that your loved ones would need if you passed away unexpectedly

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:

  • Having another child
  • Getting married
  • Getting divorced
  • Obtaining a higher mortgage

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.

What life insurance policies are available?

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:

  1. Level term life insurance
  2. Decreasing term life insurance
  3. Whole of life insurance
  4. Over 50 life insurance (over 50s plan)
Multiple policies level term

Level term life insurance

  • Provides cover for a specified period (up to 40 years)
  • Pay out remains level throughout the policy term
  • Pay out will only be made if you pass away during the term
  • Maximum sum assured up to £1,000,000
  • Ideal for helping protect an interest-only mortgage and/or family living costs
  • Terminal illness cover included at no extra cost
  • Critical illness cover can be added for an additional fee
  • Available from just 20p-a-day through Reassured
Multiple policies decreasing term

Decreasing term life insurance

  • Provides cover for a specified period (up to 40 years)
  • Pay out reduces throughout the policy term
  • Pay out will only be made if you pass away during the term
  • Maximum sum assured up to £1,000,000
  • Ideal for helping protect a repayment mortgage as the sum assured can reduce at the same rate
  • Terminal illness cover included at no extra cost
  • Critical illness cover can be added for an additional fee
  • Available from just 20p-a-day through Reassured ¥
Multiple policies whole of life insurance

Whole of life insurance

  • Provides lifelong cover
  • Pay out remains level throughout the policy lifetime
  • Medical information required during the application
  • Pay out is guaranteed when you pass away
  • Maximum sum assured up to £1,000,000
  • Ideal for helping cover outstanding debts or funeral costs, or leaving an inheritance to loved ones
  • Well suited to those later in life who are still in good health
  • Available through Reassured from 27p-a-day ±
Multiple policies over 50 plans

Over 50 life insurance

  • Provides lifelong cover
  • Acceptance is guaranteed to those aged 50 - 85 with no need to provide medical information
  • Pay out is guaranteed when you pass away
  • Maximum sum assured up to £20,000
  • Ideal for helping to cover funeral costs and/or providing a small inheritance
  • Well suited to those in this age bracket who have struggled to secure standard cover due to poor health
  • Available through Reassured from 20p-a-day +

You may also choose to layer a life insurance policy with other types of financial protection, such as:

  • Family income benefit (an alternative form of life insurance)
  • Critical illness cover (a policy which can be added to life insurance)
  • Income protection (a separate policy to protect your income)
  • Funeral plan (a separate policy to pre-pay for your funeral in advance. Not available through Reassured)
Multiple policies family income benefit

Family income benefit

  • Provides cover for a specified period (up to 40 years)
  • Pay out is made in monthly payments (like an income)
  • Pay out will only be made if you pass away during the term
  • Could pay out up to £5,000 per month (this could be more or less depending on the provider)
  • Ideal for helping protect long-term family budgeting
  • Terminal illness included at no extra cost
  • Critical illness cover can be added for an additional fee
  • Available from 20p-a-day through Reassured Advice ‡
Multiple policies critical illness cover

Critical illness cover

  • Can be added to a term life insurance policy for an additional fee
  • Provides a lump sum payment in the event of serious illness
  • Illness must be one of the specified conditions listed within your policy (typically 30 illnesses are covered but this could be more or less depending on the provider)
  • Pay out could be used to help cover private medical fees or to replace lost income while you’re unable to work
  • Once a claim has been made, the policy will expire (including life insurance)
  • Life insurance with critical illness cover is available from 33p-a-day through Reassured º
Multiple policies income protection

Income protection

  • Cover can be taken out short term (up to 1 - 2 years) or long term (until retirement)
  • Pay out will be made in monthly payments (like an income)
  • Pay out could be received if you become too ill or injured to work
  • Between 50% - 70% of your usual earnings could be paid out
  • Can help you to keep up with essential living costs while you’re unable to work
  • Can be taken out alongside life insurance to provide cover during your working life
  • Available through Reassured Advice from 20p-a-day ‡
Multiple policies funeral plans

Funeral plan

  • Provides cover to plan and pre-pay your funeral in advance
  • Acceptance is guaranteed (although minimum and maximum ages ranges will apply)
  • Upon your passing the funds will be paid directly to your chosen funeral director
  • Can be taken out alongside a life insurance policy to ensure your funeral is arranged and paid for in advance
  • Not available through Reassured. You can visit the Financial Conduct Authority (FCA) website for a list of regulated funeral plan providers

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?

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How much does having multiple life insurance policies cost?

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:

  • Age
  • Current health and wellbeing
  • Medical history
  • Smoking status
  • Lifestyle
  • Policy type
  • Length of cover
  • Level of cover

Below you will find example premiums for multiple types of life insurance. Quotes are based on a non-smoker in good health:

AgeLevel 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)
20£3.50£3.50£32.76
25£3.50£3.50£35.86
30£4.29£3.54£39.07
35£5.63£4.47£45.21
40£7.81£5.24£52.45
45£11.12£7.39£60.89
50£16.94£10.73£64.66

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?

Should a couple have more than one life insurance policy?

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:

AgeJoint life insurance price per monthTwo single policies price per monthPercentage difference
20£4.90£7.0043%
25£6.14£7.0014%
30£7.46£8.5815%
35£10.00£11.2613%
40£14.12£15.6211%
45£20.66£22.248%
50£32.28£33.885%


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.

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Can I have more than one over 50s plan?

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? »

Is it good to have multiple life insurance policies?

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.

Policy typePurpose
Level term life insuranceHelp protect an interest-only mortgage, other large debts and family living costs
Decreasing term life insuranceHelp protect a repayment mortgage (as your sum assured can reduce at the same rate)
Whole of life insuranceProvide a guaranteed pay out for your loved ones
Over 50 life insuranceProvide 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?

Can you have more than one life insurance policy UK? [FAQs]

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:

  1. Avoid/minimise 40% inheritance tax
  2. Avoid/minimise a lengthy probate process
  3. Have greater control over who receives what

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.

Compare multiple life insurance quotes

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.

Compare Life Insurance Quotes »

Sources:

[1] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/sunlife-cost-of-dying-report-2023.pdf/

[2] https://www.theguardian.com/business/2022/may/23/costs-for-uk-families-with-two-children-rises-inflation

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