Those limits are for the total amount of coverage—not per policy. If you have health issues, dangerous hobbies or a job that makes you more of a risk to insure, the total amount you can buy may be lower.
Depending on how much coverage you want to get, you might have to jump through some additional hurdles to get more than one life insurance policy. You will have to disclose your existing coverage. Insurers will verify the information you provide by checking the MIB Group database, which has files on consumers who have applied for life insurance. They also will interact with reinsurance companies that act as a reporting entity for coverage already provided to an individual by another life insurer.
You might have to provide proof of income and assets. For example, the current annual income of freelancers, contractors and those with seasonal work might not provide an accurate representation of the income that would need to be replaced with life insurance, Pinney says. You might have additional medical underwriting requirements. There also could be other medical tests or requirements. You might have to get multiple policies.
If you have a high income and want to get a very large amount of life insurance, you might have to get several policies with multiple companies rather than just one additional policy. An independent agent can help you get a better understanding of how much coverage is appropriate for your needs, Burke says.
Cameron Huddleston is an award-winning journalist with nearly 20 years of experience writing about personal finance. Follow me on Twitter CHLebedinsky. Select Region. United States. United Kingdom. Cameron Huddleston, Amy Danise. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Get A Quote.
Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries. Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.
Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries. Life Insurance Basics. Your needs may grow and change with your life. Having one life insurance policy may not be enough. Multiple policies can help protect your family.
Should you consider multiple life insurance policies? Owning more than one life insurance policy Over time, your financial needs and goals may very likely change. Alternatives to multiple policies If you think you might need additional coverage in the future or find yourself adding and dropping coverage to meet specific needs, you may want to consider including a policy rider when you purchase a policy.
For example, a guaranteed insurability rider could give you the option to purchase additional life insurance coverage at a later date, without undergoing a medical exam or providing any evidence of your insurability. We do not include the universe of companies or financial offers that may be available to you. While we adhere to strict editorial integrity , this post may contain references to products from our partners.
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