Can you have more than 1 life assurance?

JasonW_2

Not wanting to do it, just an idea. Was refused a loan with tesco that is going through an appeal. If they still say no, I will be moving everything away from them including credit card, savings account, life assurance, clubcard, grocery/fuel shops!!

Anyway, back on topic, what would happen if there were 1 or more policies set to pay out on death? Or is this a stupid question since its totally possible and should need to be asked?

JW

dunstonh

You can have as many as you like.

Tesco life assurance is underwritten by Norwich Union. It can be beaten by most IFAs with a bit of discounting. Some of the discount IFAs mentioned on this site can do that. You should apply for the new life assurance and get confirmation of cover before cancelling the old one.

If you have critical illness built in to the life cover, then there are restrictions on the amount you can have depending on the re-assurer. Usually this is up around £500k though so its not a problem for the majority of people.

Jeryth

Yes, you can have more than one policy.

I insured myself against death before pensionable age, 13 years ago when I got married. Now I am with a new partner, we are looking at a policy in which I insure his life, and he mine, so that benefits are paid without complication.

Sig should read: I am an MSE addict; therfore I have a weekly rota. So please do not be offended if I do not reply to a post immediately. But you are welcome to send a Private Message