R We Over Insured?

happiness_fairy

Hi I wonder if anyone can advise - my main question is how many times can you insure a life?

We have a decreasing mortage term assurance. This is quite a hefty £102 per month as DH is transplant patient, who works in construction and like riding motor bikes! Although he is a lot fitter than most other people we know!

I also have accidental death insurance through Barclays, I've had it for years - since before we got married. DH has something similar with Norwich Union.

If one of us dies will both policies (mortgage and accidental) pay out or just one?

Astaroth

Life/ long term insurance is not based on the principle of indemnity and therefore there is no real limit to the amount you can insure someones life for (or how many times) as long as you can prove you had an insurable interest in them at the time the policy was taken out (again different from general insurance where you must show an interest at the time of the claim and not just at the time of buying the policy)