Are you allowed have 2 Life insurance polices

C

contractor

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Thanks for your advice below . I needed to edit this and simplify what I'm asking:

Are you allowed have 2 life insurance policies? Are there any implications when claiming?

Thanks.
 
Re: 2 Life insurance policies or cancel 1 and get mortgage protection?

There are any number of scenarios you could look at, but best thing is to prioritise your needs first. You will need to cover both mortgages against both of your deaths. Probably the cheapest way to do this is a joint mortgage protection (decreasing) policy, although if both mortgages are still in separate names the relevant lenders may not accept one policy for both. After that, the amount of life cover you will need for loss of income will depend on your circumstances, ie - wages, kids ages (if any), pension life cover etc. To protect against loss of income a term policy would be more suitable. An independent adviser will be able to work all this out for you pretty easily.


http://www.powerinsurances.ie
 
You are allowed have 2 or more policies. The only implication is at proposal stage where the insurance company will ask if you have any other policies and may ask for further underwriting.

There is no implications for payouts on life assurance policies for death or specified illness.

The only place there could be a problem is on income protection policies as there is restrictions on the amount of benefit you can receive as obviously you cant be better off for going on long term sick leave.

Hope this clarifies.
 
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