Can You Have More Than One Life Insurance On Yourself Or Spouse In The State Of Florida?
Posted July 13, 2009 – 10:16 pm in: structured settlements FAQI just got maried in June and we each have a child and my little 100,000 policy seemed fine for my daughter but what abiut my husband? I know it seems expensive but my job pays for the first 100,000 and i wanted to purchase anothe rpolicy with another company for another 250,000, it would only be like $16 a month. But can i have more than one life insurance policy?
Tags: Florida, Have, Insurance, Life, More, Spouse, State, Than, Yourself
4 Comments
You can have as many as you like.
The only time this would be an issue would be a case where you were trying to get a huge policy amount but your net worth was very low. An example would be where your net worth is $100,000 but you are seeking a $5,000,000 death benefit. The underwriter would certainly be asking questions.
This is certainly not the case in your situation so go ahead and get the additional coverage.
Yes, you can have more than one life insurance policy.
Usually, the life insurance company asks you if you own other life insurance and how much when you fill out an application for coverage.
That way they know if you are overinsured.
It sounds like a good rate for the new life insurance policy you are considering. Make sure if it is term life insurance that the rate remains the same for the entire policy term, and the coverage amount remains the same.
I hope that helps! Best of luck to you, and it’s a good thing you are doing for your family.
Congratulations on your recent wedding!!
If you want to compare free quotes to see how they match up against your current offer, you can get the 12 lowest quotes at efinancial at https://www.efinancial.com/smartquoteefc… Just fill out one form. There’s no obligation.
And, it may be a good idea to compare quotes for your husband, as well.
Tom Z is correct, you can have as many policies as you care to buy.
Why not meet with a financial professional to discuss the AMOUNT and TYPE of insurance that works best for you? Have you discussed the beneficiaries of these policies? What if you and your husband both die in one accident? Who will oversee the insurance money until your daughter turns 18? What about disability insurance in case you are injured and can’t work?
Good Luck.
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You can have as many as you like as long as the new insurance company doesn’t have a problem with the other policies (if you make 20k per year and have $2,000,000 in coverage, you may not be approved for the new plan because you already have too much)
Jared Balishttp://www.myinsurancequotes.nethttp://www.utahinsurance.org