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There is no set limit to how many life insurance policies you can purchase. You can buy multiple policies from different insurance companies, but insurers may start asking questions if your coverage reaches a point that greatly exceeds your income.
You can have more than one life insurance policy, and there is no rule against applying with more than one insurer at the same time. However, doing so can complicate the application process.
When you submit applications, life insurance companies share the information with each other. The purpose is to avoid insuring you beyond your limits of insurability – the amount of coverage you can reasonably purchase based on your income, debts, and other financial factors. When you apply to more than one company at the same time, you may be denied by all of them, or your applications may be delayed. You may be required to undergo more than one medical exam.
Our experienced agent can help you find the most affordable and best life insurance. If you want to purchase more than one policy, we can help you split the coverage without slowing down the process or raising any red flags.
There are several reasons why you might want to have more than one life insurance policy:
When you work with our agent, we can discuss alternatives to buying multiple life insurance policies, such as increasing your coverage amount or adding riders (additional benefits) to your policy. If you want to buy more than one policy, we can help you acquire the right coverage for the lowest rates.
Filed Under: Life Insurance | Tagged With: Group Life Insurance, Life Insurance