Are you interested in buying life insurance from Runnels Insurance, serving Brandon, FL? If so, you should know that you can have multiple life insurance policies. Many successful people know that life insurance policies can be an excellent investment.
You’re Allowed to Have More Than One Life Insurance Policy
Life insurance applications may include a question asking whether you already have a policy in place. But this doesn’t preclude you from getting another policy. As long as you’re truthful in your application, you can have as many life insurance policies as you want.
When to Buy Another Life Insurance Policy?
Certain life events indicate that you should consider buying another life insurance policy. If you extend your family with a new baby or a new adoption, you’ll have more people to take care of after you pass. Rather than trying to make your existing life insurance policy stretch to more beneficiaries, you can purchase another policy to take care of the new beneficiary.
Another time to buy another life insurance policy is when you have college plans for your child. A whole life insurance policy is a great way to build a fund that can be cashed in when it comes time to pay tuition. It’s also helpful to know that a whole life insurance policy needn’t be included as income on any student loan applications you fill out.
Finally, another life insurance policy enhances your long-term financial picture. You may wish to have a combination of a term life insurance policy and a whole life policy.
Contact your insurance representative at Runnels Insurance, serving Brandon, FL, for more information about purchasing multiple policies. We’re here to answer questions and help you make your loved ones financially secure.