Life Multiple Life Insurance Policies

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stwome01

Registered User
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Hi, I set a life insurance (death and sickness) policy for myself and my wife when I was in a previous job. I have since moved jobs and the now have life insurance with my new job. I was wondering if something did happen to me would both insurance policies pay out?
 
Why would you want more than one or two?

Been looking around a bit and I'm amazed at the way that the costs all vary.

I saw this article on the IT site: [broken link removed] and it scared me into spending a bit more time looking around.

I'm not convinced that I can find the best deal myself so I might just bite the bullet and go to a financial adviser and let them have their commission.
 
ondeball said:
I'm not convinced that I can find the best deal myself so I might just bite the bullet and go to a financial adviser and let them have their commission.
Click to expand...

The prices that life assurance companies quote are the same prices that brokers quote (unless you agree a fee). You may as well find a reputable independent financial advisor and ask them to find you the cheapest price for what you are looking for.

The brokers commission is built into the price. The reason for this is if you contact a company directly, they have to pay someone in a call centre to deal with you so it costs about the same anyway.

An independent broker will also generally not promote one company product, they will tell you the plus/minus of various companies. If on the other hand you ring companies for quotes, they will all tell you their product is the best.



www.CheaperLifeAssurance.ie
 
thats a good idea you get some professional advice and the advisor earns a living
 
Yes you can have multiple life insurance policies and they will all pay out. However, when you apply for a life insurance policy, the insurance company will ask you how much life insurance you currently have in force. With any life insurance policy you must make sure you answer all the questions truthfully, because fraud can be contested in court. If you have multiple policies and you apply for a new policy, the insurance company will look at the total amount of insurance on your life and determine how much additional insurance you can obtain if any. There has to be financial justification for the amount of insurance you are looking to obtain.
 
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