Multiple Life Assurance Policies?

LeadFarmer

Is it ok to have multiple life assurance policies? Would they all pay out in the event of death? Or would one super red the other?

stephenni1971

You can have as many as you want.... you have an unlimited insurable interest in your own life.

LeadFarmer

Thanks. My body is priceless:D I'm guessing its easier to increase my current policy rather than take out an additional one.

Is there any obligation to keep the insurer informed of any new health matters throughout your life, or is the policy simply based on your health at the time of taking it out? (I'm not ill by the way )

dunstonh

I'm guessing its easier to increase my current policy rather than take out an additional one.

Sometimes it is. Sometimes it isnt. It depends on the terms offered. Not all plans have a top up option.

s there any obligation to keep the insurer informed of any new health matters throughout your life, or is the policy simply based on your health at the time of taking it out? (I'm not ill by the way )

No

LeadFarmer

Thanks. I'll look to topping up our existing policies if possible.

kingstreet

LeadFarmer wrote: »

Thanks. I'll look to topping up our existing policies if possible.

If you think you'll avoid providing further medical evidence by doing this, take care.

If your current plan has a Guaranteed Insurability Option, you may well not have to answer medical questions, but these options are often linked to childbirth, marriage, moving home etc. and have a small window in which to utilise them.

If you are unable to use the GIO, you'll be filling in a full application, including all your medical history whether you apply to your current insurer for an increase, or a different one for a new policy.

In which case, get quotes for new cover and see how the costs compare. The cost of life cover may well be lower now than it was when you started the current policy.