Can you have more than one life insurance policy?

Not only is it possible to have multiple life insurance policies but depending on your circumstances, it may even be recommended! Having multiple life insurance policies isn’t for everyone but for the right individual’s, this could be the key to being sufficiently financially protected.

Can you have policies with different providers?

Yes!

If it falls within your affordability, you could be at an advantage for using more than one type of provider as many of the UK’s leading providers now offer *free additional benefits. These benefits could help with your fitness, nutrition and mental health - just to name a few!

So by having policies with different providers, you could ensure you’re making the most of the free benefits that different providers offer.

What is the point in having different life insurance policies?

Different policies cover different types of circumstances and whilst having just one policy can be sufficient, there are also benefits to having multiple policies in place.

For example, a critical illness policy can financially protect you against becoming critically ill, an income protection policy can financially protect your income if you were unable to work due to accident or illness, and a decreasing life insurance policy can cover your repayment mortgage if the worst were to happen.

Most popular types of policies

These days, there are so many different types of life insurance that you can get. You may or may not have heard of some of the following;

• Critical illness cover
• Income protection
• Decreasing life insurance
• Whole of life cover
• Over 50’s life insurance

At Busy Bee, we specialise in the above types of cover, amongst others. So if you’re looking for the right protection for your circumstances but you’re unsure where to start or what any of the above means then our life insurance specialists can help. We provide free, tailored advice on which cover is right for you and your loved ones.

Our calculator

Speaking of different types of cover, if you’re wondering what the price difference is between a level life policy and a decreasing life policy, you can find out using our calculator! Our life insurance calculator can give you an estimate of how much your policy could cost in just 30 seconds. A decreasing life insurance policy can be used to cover your repayment mortgage mortgage and a level life insurance policy can be used to financially protect your loved ones with a lump sum pay-out.

Is there a limit on how many policies you can have?

There is no limit on how many life insurance policies you can have and most life insurance companies are more interested in the total amount and type of cover you have.

However, when arranging any sort of life insurance, you will be asked if you already have any other cover in place. Some providers may have cover limits in place, which means once you reach a certain amount of cover, you may be asked to undertake additional underwriting requirements. This just means you may have to answer a few more questions about your health and/or undertake a basic medical examination!

Do you need to purchase all your policies at the same time?

No!

If you decide you want multiple insurance policies, you don’t need to get all of them at the same time. However, some life insurance providers do offer a discount when you take out multiple policies - often referred to as a multi-product discount.

The older you get, the more likely your circumstances are to change so if you ever felt like you need more or less cover in the future then our Busy Bee review specialists can look at rearranging your cover for you.

Can couples have multiple life insurance policies?

Yes! Having one or more joint life insurance policies with your partner could be hugely beneficial.

Although it might seem obvious, having a joint life insurance policy in place would cover both you and your partner. However, most joint policies function on a ‘first death’ basis which means that if one half of the couple were to pass away, the full amount of the policy will pay out and the policy will then end.

Do you need more than one life insurance policy?

Whilst it is possible to have multiple policies in place, we don’t always advise this!

At Busy Bee, we get to know you so that we can take your circumstances, needs, and affordability into consideration. Once we know you a bit better, we can make the most suitable recommendations based on the information you provide to us.

Getting life insurance is easy with Busy Bee - to secure your free quote today, simply click the button below!

*Free benefits offered are not contractual and may be withdrawn at any time.