Updated: October 08, 2019

How Many Life Insurance Policies Can I Have?

It's possible to take out more than one life insurance policy. Read through this article to find out what you need to know if you're setting up another plan

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: October 08, 2019

Leaving your beneficiaries a larger amount can provide a solution if you’re worried about their financial future, especially in the event that you won’t be there to help them.

But can you hold multiple life insurance policies and if so, how does that affect your beneficiaries right to claim?

In this article we’ll provide everything you need to know about how many life insurance policies a person can have.

Can you have two separate life insurance policies in the UK?

It is possible to buy two or more life insurance policies for one person.

A lot of people assume that they can only take out one life insurance policy because other insurance products such as home insurance or car insurance only allow one policy per person.

Why have multiple life insurance policies?

A common reason why someone may decide to take out multiple life insurance policies is that it can allow them to cover various financial responsibilities.

These may include:

  • Mortgage
  • Spouse
  • Children
  • Tuition fees
  • Funeral costs

How many life insurance policies can you have in the UK?

The amount of life insurance policies that one person can have isn’t limited, however, if you decide to buy multiple life insurance policies, you may be asked to justify the amount of coverage you request.

​Calculating your costs can be time consuming and to get the best level of cover, it can be helpful to have an insurance advisor work this out for you.

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Can you claim two life insurance policies?

Yes, it is possible to claim more than one policy. In the event that you pass away during the policy’s term, your beneficiaries will be asked to provide a copy of your death certificate to confirm the cause and date of death.

This will start the claim process, although, if you have multiple life insurance policies, your beneficiaries will need to initiate a claim with each provider to receive their inheritance.

A typical life insurance claim can take up to 60 days, although usually it will be less than this.

Can you have life insurance with more than one company?

There are no rules regarding which company or companies you can take your life insurance policies with.

However, before you take out two life insurance policies with the same company, you might want to compare the costs of increasing your initial policy cover versus taking out an additional policy. This can help you to avoid doubling up on cover or unnecessarily paying for the same level of cover twice.

Buying more than one life insurance policy might be the right option depending on your circumstances and what it is you need from your cover. You should also keep in mind that some insurers will apply a ‘multi-benefit discount’ if you take out more than one policy with them.

That being said,  it’s always worth checking with an expert how each policy and the terms and conditions of each contract, could affect your beneficiaries if they make numerous claims with the same company.

Where can you buy multiple life insurance policies?

The internet can be a great source of information and quick quotes can be found using online calculators.

The problem with online tools is that they often fail to ask or include information that could affect the cost of your insurance premiums as well as how much your cash payout will be. They also cannot take your needs and circumstances into account.

An alternative option would be to seek the help of an insurance advisor. Many people prefer this route as it allows them to compare numerous life insurance quotes which have been calculated based on relevant information.

This can make the quotes you receive far more accurate making the process of finding multiple life insurance policies a lot quicker, potentially saving you time and money in the long run.

Speak to an expert

If you’re unsure about whether you can or should take out multiple life insurance policies, make a quick enquiry or call 0808 189 0463.
The experts we work with can let you know if you can have more than 1 life insurance policy and can research companies on your behalf to determine which ones are worth taking out multiple life insurance policies with.

Ask A Quick Question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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