Can I have more than one life insurance? See the answer to this and other questions, and find out when this option is worth considering!
If you’ve ever looked for alternatives to complete financial protection, the simple question “Can I have more than one life insurance?” may have crossed your mind.
This is a common situation, after all, there is a wide variety of products and coverage available for the insured to choose from.
However, there are still doubts about the real autonomy you have when taking out a policy to prevent unforeseen events.
In this case, before continuing with your research, it is worth seeking answers to the question “Can I have more than one life insurance policy”. Check out all the details below and see how many different protections you can have!
What is life insurance?
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Life insurance is a financial product that pays indemnities to beneficiaries if any accident provided for in the contract occurs with the insured person.
That way, if you hire this product, you can protect yourself and your family if something happens to you or compromises your stability.
Contracting takes place with a certified company, which establishes all the details of the document and becomes responsible for future financial support, in case of claims.
Each policy is registered with a unique number, which makes it unique. It can cover various types and coverage depending on your profile.
Can I have more than one life insurance?
Yes, it is possible to have more than one life insurance policy. There are no restrictions on how many policies you can have in your name, as long as they are properly contracted and have their monthly fees paid.
However, the Civil Code determines that, in the case of more than one contract for the same good, the insured must inform both companies in writing.
This is because life insurance is not aimed at enrichment, but at protecting the holder and their dependents, replacing financial losses and offering support for any needs.
For that reason, if you’re wondering, “Can I have more than one life insurance?”, the answer is yes. On the other hand, you have to be careful.
Having more than one life insurance guarantees payment cumulatively?
Having more than one life insurance guarantees payment cumulatively, but according to the policy of each company.
This is because the occurrence of a claim covered by the contract guarantees that the insurer makes the payment to the holder or to the beneficiaries. In other words, if you have more than one policy in force, you can receive the value of both cumulatively.
However, it is important to pay attention, as the existence of insurance with the same coverage already in force may reduce the insured capital offered by another company.
Thus, in one product you can have a financially greater indemnity compared to another, but both will be paid if the claim is proven.
4 tips for having more than one life insurance
After answering: “Can I have more than one life insurance?”, there are some tips that can help you choose the best policies for your profile. Here are our 4 suggestions:
1. Concentrate payment insurance on a single checking account
With more than one life insurance, the occurrence of claims can generate more than one indemnity payment. In this case, to facilitate this operation, try to concentrate the amounts in a single checking account.
That way, you won’t have to worry about bureaucracies like transfers at a delicate time. In addition, it will be easier to consult the insurance by CPF or in the bank, for example.
2. Review Life Insurance Coverages
Before signing more than one insurance policy, it’s worth reviewing each life insurance coverage.
This is because it may be more interesting to have more than one protection for different modes. Also check what are the exclusions of each contract, and what items are included.
With this, you will have more peace of mind in your planning, knowing that there are several unforeseen events covered by the products.
3. Check policy values and insured capital
Even answering the question: “Can I have more than one life insurance policy?”, it is important to keep in mind that each contract has different values.
For this reason, check the premium for each contract, and the insured capital guaranteed by the coverage.
If you opt for different modalities, calculate the indemnities for each insurance. Meanwhile, if you want a contract for the same coverage, evaluate the insurer’s proposal regarding simultaneous products.
4. Know the insurer chosen at the time of hiring
Still, to have more than one life insurance, know the insurers you want to hire to protect you.
It is important to have the confidence to rely on a credible and safe company to serve you. In addition, an insurer aligned with your profile will help you with questions and guide you in the best way, so that your experience is positive.
If I can have more than one life insurance, how many are ideal?
If the question is “Can I have more than one life insurance?”, the answer is yes, but the ideal amount will depend on your needs and availability of contribution.
After all, each contract demands a monthly price , and for the coverage to be effective, payments must be made properly.
Also, remember to consider how much security you want, whether for the same claim or different situations.
When is it worth having more than one life insurance?
After knowing: “I can have more than one life insurance”, it is worth evaluating this possibility when it makes sense for your moment of life and for your planning.
Having multiple coverages can be ideal to completely protect yourself against different unforeseen events, in addition to bringing more peace of mind to you and your family.
On the other hand, there are other factors to be considered, such as the premium of each policy and the paid-in capital limit.
So, assess whether your profile is looking for this type of protection, and see the best options with reliable insurers, to have the security you want!