Owning Multiple Life Insurance Policies

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It’s rare to have more than one car insurance policy for your car.

Why would you have a second home insurance plan in place for your possessions?

So how would multiple life insurance policies be a sensible option?

The Guaranteed Premium Rule

Most life insurance premium amounts are guaranteed based on criteria that was true at the time of taking out the policy and never adjusted through the policy term - in short, your monthly payments are locked.

This is a very good thing for policy holders - as a change in lifestyle, subsequent illness or simply getting older doesn’t impact premiums for cover already in place.

What does this mean? If you took out decreasing term life insurance cover in your early 20s to protect your repayment mortgage, at a premium of £10 per month, then you’re never paying more than £10 per month, even if the same policy today would cost you three times as much.

There’s rarely a good reason to completely cancel a good existing policy with a guaranteed premium and attempt to replace it with something new – especially if the existing plan has been in place for a long time.

If you want something more out of your life insurance, often the best option is to add a new separate policy on top of anything already in existence.

Tailored Cover

Different life insurance policies fit difference circumstances.

If you are looking to leave a lump sum to your family when you pass away, a level term assurance policy is likely the best fit.

Need to protect your home from repossession if your mortgage stops being paid without you to take care of it? Decreasing term assurance is perfectly designed with that in mind.

Simply wanting to cover funeral costs? A whole-of-life policy lets you rest assured that it’s taken care of.

If you have multiple needs, maybe you need to look at multiple policies.

Revisiting and Reassessing

Perhaps you already have a life insurance policy or two. It’s important to regularly inspect these policies to be sure that the cover that made sense at the time still meets your needs today.

Working with multiple insurance companies and with a wealth of experience in the field, our advisors can help you revisit your existing plans and reassess them with the changes in your life taken into account.

It may help to have your original policy documents to hand before speaking to us, as it’s important we fully understand everything that’s already in place, before giving our expert advice.

The Finest Advice

Our expert advisors are here to help navigate the complex waters of life insurance policies. They will listen to your specific needs and put together an arrangement of different cover to exactly match your situation, whether it is to tie multiple policies together with a single provider to get those useful multi-policy discounts, or to put together a menu from different insurers to utilise the strengths of each company and gain maximum savings.

With decades of experience, our advisors here at Quick Quote Protect will give free, impartial advice to help you get the perfect assortment of life cover tailored to your individual requirements.

Give us a call now and make sure your loved ones are protected in the best possible way!