Are you allowed two life insurances?

louiserer

Afternoon,

I own a house and have life insurance. My husband and I are looking to purchase a new house between us. Am I able to keep my life insurance for the value of my own property and then have another joint policy with him?

Or,
Am I supposed to cancel the one I have for just myself and then have the joint one for the total value of the two properties?

Thank you

Quentin

You can have as many as you want

Aretnap

You can have more than one policy. The insurers might require you to inform them if the total value of all your policies exceeds a certain amount. It was £500,000 when I took out my latest one - coincidentally (or not) I thought that was about the amount of money where faking a canoe accident and running off to Panama might start to look like a tempting idea.

tasticz

Aretnap wrote: »

You can have more than one policy. The insurers might require you to inform them if the total value of all your policies exceeds a certain amount. It was £500,000 when I took out my latest one - coincidentally (or not) I thought that was about the amount of money where faking a canoe accident and running off to Panama might start to look like a tempting idea.

didn't someone do that i think i remember watching a documentary about someone doing that and they were finally caught from the estate agents photograph and the man handed himself in at the end

jonesMUFCforever

Yes you can take out more than one life policy but you are only allowed to die once.

Aretnap

tasticz wrote: »

didn't someone do that i think i remember watching a documentary about someone doing that and they were finally caught from the estate agents photograph and the man handed himself in at the end

Yes. I was making a reference to John Darwin.

http://en.wikipedia.org/wiki/John_Darwin_disappearance_case

smason_2

You can take out as many as you feel you need to.

Be aware, the person that sells you the policy will have to justify why you are taking out the additional policies within a "suitability report". This shouldn't be a problem as long as you are completely honest when you are signing up and doing the medical underwriting.

We got ours with Aviva through Cover and Legal, they were really helpful to be fair.