Two life insurance policies

Sunrise27

We have had life insurance for my husband for years now and then we had a small insurance policy that we took out when we increased our mortgage to do our kitchen up etc 

we recently took out a new policy for my husband and one for myself with the thought of cancelling the one we have had for a while just for my husband , then we were going to keep the smaller one ( that we took out when we increased the mortgage ) 
however stupidly I didn’t realise that the smaller one had finished a few months ago , 
can I have more than one life insurance running for my husband ? I am thinking of keeping the first one that we set up plus the ones we’ve just taken out ? It would cost us about £10 more per month but not sure if he can have more than one life insurance running ? 

Sandtree

You can have as many as you want.

If you think about it, having just 1 is odd in many people's circumstances... if you have young kids and a 30 year mortgage you'd most likely need one coverage to ensure income is replaced etc so surviving partner can continue similar standard of life for them and your kids and seperately a policy to cover the mortgage. Legally you could have a single larger policy if you wanted but pointless having a policy that factors in university fees etc if your kids could be 40 by the time your policy runs out.

Sunrise27

Thank you 
We always had life insurance just for my husband as he was and still is the main earner 
Our children are both married now and I work as well so thought it would be worth us both having insurance although he still has more than me as he earns more .
Just didn't want it to be illegal or anything lol 

Sandtree

When buying new insurance insurers will ask if the total of all your policies isn't more than £2m (or some such very large number... been a several years since I bought my life insurance). That isn't to say you cannot insure about that number (or whatever they use these days) but they may want to do more checks on your need for such high levels and its not that there's something that you don't want them to know about (those that try to triple their insurance after finding a lump etc)

csgohan4

I have 2 life assurance covering myself, one for mortgage and one for expenses. I thought about more, but decided what the point would be

Old_Lifer

You can have as many life assurance policies as you like, subject to affordability.   At one time I had 23 policies in force at the same time (mostly endowments).

dunstonh

Old_Lifer said:

You can have as many life assurance policies as you like, subject to affordability.   At one time I had 23 policies in force at the same time (mostly endowments).

You were not by any chance doing the old 1 per year scenario were you?  i.e. take one out each year and get a maturity each year.    That was such a popular way to get people used to putting money away.  And those that made it to the first maturity were always so grateful for the annual maturity payment they got thereafter.

Old_Lifer

I am a natural saver and have always saved a high proportion of my salary, well over half my take-home pay each month before I married and only slightly less after I married . I used building society regular savers and usually had 2 or 3 running at the same time with a basic building society account to add to  from time to time to allow a buffer if I needed money for a holiday etc.  I started investing in the stock market as soon as I was old enough to do so,  in unit trusts in the first few years.

As I worked for a Life Office,  I could  see that tax relief was available on endowment premiums, so  I quickly started taking-out  an endowment most years and together with endowment mortgages and top-up endowments on moving house, I have had around 30 endowments in total and have held all to maturity.   I had a string of endowments mature around retirement age, some having been in force for 40 years or more.   Most of my endowments were with my former Employer but I have also had  policies with a range of other Life Officies.