Can I Have Multiple Life Insurance Policies?

At Atlas Insurance Agency in Southeast Michigan, we work with our clients to plan for the future–especially the parts of it that may be difficult to consider in the present moment like when you may pass away and leave your loved ones behind to support themselves. You may be the main earner in the family. Alternatively, you simply might want to make sure that your family has everything they need after you’re gone. A life insurance policy can go a long way in providing some extra income to loved ones after you pass away. Sometimes, it’s even enough to cover essential expenses after you’ve passed through a death benefit. 

Sometimes, one life insurance policy may not seem like enough coverage for you to feel confident that your beneficiaries will have what they need after you’re deceased. In this case, you may think about the possibility of having more than one life insurance policy. While that could be helpful, the most important question is whether it’s doable from an insurance standpoint.

Can I Have Multiple Life Insurance Policies?

While every policy and situation has unique terms, limits, and conditions to consider, you may be able to hold more than one life insurance policy at a time if your policy and agency allow it. If you hold an existing life insurance policy with another agency or the same one, the second life insurance policy’s limits will almost certainly be impacted by the existing policy. All the life insurance policies will have to stay within the confines of your insurability limit. If having multiple life insurance policies matters to you, you should contact our team to explore potential coverage options.

For more information about our life insurance policies, call Atlas Insurance Agency in Southeast Michigan today!