How many life insurance policies can anyone have??

Joy_mate

hi all.
I am new in the world of life and mortgage protection insurance.
I do not understand, Can I have life insurance policies as many as I want from different companies? Can my family claim all of them after me?
for eg: if I have
1. life insurance covering £300K with L&G
2. another covering £200k with zurich
3. another same category covering £250K with royal london.
So after my death, will my family get 300k + 200k + 250k = £750k..
Of course I understand i have to keep paying premiums...but is that possible??
thank you.

dunstonh

How many life insurance policies can anyone have??

As many as you like.

Can my family claim all of them after me?

Yes.

So after my death, will my family get 300k + 200k + 250k = £750k..

Who gets the money will largely depend on how you have set them up (i.e. life of another, joint life first death, joint life second death, if they are trust, how your Will is written etc).

However, the amounts paid out will be what you set them up as.

Aretnap

Some insurers will want you to tell them if the total amount of life cover you have is above a certain value (eg £500K) - presumably if you've insured yourself for a very high value they might want to run some extra checks to make sure you don't fake a canoe accident and run away to Panama.

But that aside you can have as many policies as you like, and indeed it's common to have more than one policy. I have one to cover the mortgage which I took out when I bought the house, and another one which I took out when my son was born to cover the cost of bringing him up should I not be around to help.