This is Why you might need more than one life insurance policy.

This is Why you might need more than one life insurance policy...

There are lots of reasons why you might consider having more than one life insurance policy, including:

  

• Making sure your family are protected in the event of your death
• Covering a big loan e.g. a mortgage, so it can be paid in the event of your death
• Protecting a business partner, so the business can continue running in the event of your death
• Cover any potential inheritance tax liabilities in the event of your death.

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When you apply for a life insurance policy, you will be asked if you already have any policies in place. It doesn’t necessarily matter how many policies you have – the key factor is how much cover you have in place.

You can’t simply insure yourself for millions of pounds without good reason, as this would expose the company holding your policies to too high a risk. When you buy a life insurance policy, the insurance company will in turn use a reinsurance company to manage the risk. So even if you do not disclose how many policies you already have to the life insurance company, when they pass it on to the reinsurer they will be able to check how much is liable to be paid out in the event of your death and see how many policies they currently reinsurer in your name.

If they find policies that you did not disclose at the application stage then it is likely they will question your motives for withholding that information and reject your policy. So it’s imperative that your are honest and disclose all the life insurance policies you have.

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New life insurance policies for changing circumstances

As you go through life you may accumulate a number of different life insurance and related products, including life insurance, income protection insurance, critical illness cover and so on.

Over time your personal circumstances and requirements are likely to change, particularly after big life events such as:

• Getting married
• Getting divorced
• Remarrying
• Having more children or grandchildren
• Taking on a larger mortgage, or extending your mortgage term
• Changing jobs
• Change in health – improving or declining

Changing circumstances such as these can alter the way you look at life and your finances, and lead you to review the life insurance and protection policies you already have to make sure they are fit for purpose and suitable for your new requirements.

Having children, for instance, is a prime example of when you may want to review what your current life insurance policy offers and to make sure you are covered for the cost of raising children (childcare, University fees etc.) in the event of your death.

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