Can I buy multiple life insurance policies from different companies?
UPDATED: Feb 7, 2012
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Asked February 7, 2012
It is not unusual for one person to own a number of different life insurance policies. For example, one policy might be a universal life policy, while another is a term life policy expressly intended to pay off your mortgage if you pass away, and a third term life policy might be used to guarantee your children will have college tuition available to them.
It is not necessary for all of your life insurance policies to be written by the same insurance company. Purchasing multiple life insurance policies with a single company, though, will earn you discounts on your policies that are not available if you use different insurers. For this reason, it is common for a person to purchase multiple insurance policies from the same company in order to save money on premiums.
All of your insurance policies do not have to be life insurance in order to earn discounts. If your life insurance company also sells home or auto insurance, you would be eligible for multi-policy discounts for having your life and auto insurance with the same company, or any other combination of insurance coverage. Multiple policy discounts work with all types of insurance products, too, including health, home, life, auto and property insurance.
Multiple policy discounts are only one of many discounts available. A similar discount is available for staying with the same company for a number of years, although this type of discount is generally given for home and auto insurance rather life insurance. Other discounts for life insurance policies might include discounts based on where you live, what you do for a living, and even personal demographics such as your marital status, and whether or not you have a college degree. And no matter what type of insurance policy you are purchasing, your credit score will play an important part in determining what your premiums will be.
Answered February 7, 2012 by Anonymous