When you took out your first life insurance policy, it may have provided enough cover – for a mortgage, perhaps. But things can change over time.
You may have taken a bigger mortgage to move home or make home improvements. Perhaps you’ve got a growing family you’d like to protect should the unexpected happen.
Whatever the situation, if you can’t make changes to your original cover, you can usually purchase additional policies to meet your evolving needs.
If you can make changes to your existing policy, it could be worth exploring that option, keeping everything in one place. You may also benefit from better terms – your insurer knows you, after all.
There’s no limit on how many policies you can have, but it could be expensive to maintain premiums on policies you don’t really need. So, it’s worth doing some sums to work out how much cover would afford you the reassurance you’re looking for.
Be aware that policies have no cash-in value at any time. If you get to the end of the policy and no claim has been made, it will end, and you’ll get nothing back. Also, if you don’t pay your premiums the policy will end, and you’ll get nothing back.
Can couples have more than one life insurance?
Yes, couples or business partners can also take out multiple joint life insurancepolicies. Each will pay out just once in the event of a claim, either upon the death of one or both policy holders.
Whether the claimant is your life or business partner, a payout could help to relieve any financial pressures they’ll face alone in future.
