21 Jul 2018

Can you have more than one life insurance policy?

On the face of it, having more than one life insurance policy sounds like a good idea. The more protection the better, right? The reality is a little more complicated. In this guide we’ll examine how many life insurance policies you can have, and whether it’s something you should consider.

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Can I take out more than one life insurance policy?

Yes, you can have more than one life insurance policy. There’s no law that prevents you from having a combination of different life insurance arrangements. 

Why would I want multiple life insurance policies?

The following may apply to you if you have changing needs based on the situations below that may mean you wish to take out an additional life insurance policy:

  • You want to get maximum cover for your financial responsibilities, like a mortgage or a child’s tuition fees, if your present arrangement doesn’t cover it.
  • You no longer smoke, or you’ve made other positive health changes, so you want to shop around for better premiums while keeping your old policy.
  • You wish to take out two single life insurance policies rather than a joint policy.
  • You have more than one protection shortfall e.g. you might need decreasing insurance to protect a repayment mortgage and level cover for family protection.

Legal & General provides life insurance which can be tailored at outset to suit a variety of needs. So if you’re looking to get additional protection with us, head to our life insurance calculator to estimate how much cover you need.

Do I need more than one life insurance policy?

While it’s possible for you to have more than one life insurance policy, that doesn’t mean it’s advisable. Your life insurance premiums are based on the information you disclose about your health history at the time you take out a policy. As such, it’s no guarantee that you will pay the same rate with a new additional policy, as you’ll be older than when you took out the first one.

Many customers prefer instead to adapt their existing policy according to their changing needs. For example, did you know that with Legal & General, you may be able to increase your life insurance cover without the need for further medical information on certain life events? You can also ask to make other policy changes such as the length of the policy term, the amount of cover, switching from joint to single policies or even changing your premium payments from monthly to annually. Making changes can affect the cost of life insurance. Terms and conditions apply and you should refer to your original policy documents to check for any exclusions based on your circumstances at the time. Learn more about making changes to your life insurance policy.

As a couple, can we have multiple life insurance policies?

You may have heard of joint life insurance, but can you have more than one life insurance policy with your partner? Yes, and some couples prefer it that way. Joint life insurance covers two lives but normally pays out upon the death of the first insured person during the policy term, after which the policy ends. In contrast, taking out two single life insurance policies means the surviving partner will still have cover in place after the first death.

While it's true that we won’t pay the cover amount more than once if you have a joint policy, in this scenario the other person could still request to continue their cover in the form of a new single life policy.

Read more about the benefits of single versus joint life insurance.

How many life insurance policies can you have?

You can have multiple life insurance policies if you wish – there is no legal limit. But remember, if you find your situation changes in the future it’s sometimes possible to adapt your existing policy. So while you can have more than one life insurance policy if you wish, there may be better options if you need to review your cover.

Can you have life insurance with more than one provider?

Yes, you can take out multiple life insurance policies with more than one provider. There is no law to prohibit this, and if the worst happened, it would be possible to claim against each policy. Bear in mind that you may get a better deal by sticking with one provider if they offer a discount for taking out additional cover. Read more about our exclusive offers for Legal & General customers.

Can I get multiple life insurance policies with Legal & General?

While you can have multiple life insurance policies if you like, our flexible approach means it’s not strictly necessary. Of course, no one’s circumstances stay the same forever, and if you need to make changes to your policy please talk to us. We’ll consider your request and let you know if what you’re asking for is possible and what the new premium would be. If you make any changes to the policy, a new policy may be set up and different terms and conditions could apply.

Want to learn more about Life Insurance?

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