When you’re in Bailey, CO, it’s important to think about life insurance policies. You might have one policy from work and want to get another one personally. At some point, you have to wonder how many you’re allowed to have.
The quick answer is that there is no limit to the number of life insurance policies you can have. However, there can be a limit to the total benefit that you can obtain.
At Centennial State Insurance Agency, we can guide you through the life insurance buying process to determine if it makes sense for you to have multiple policies.
There are a few reasons why you might want additional policies. The first policy you have may not be enough. As such, you focus on getting another policy for additional coverage.
You may want to explore an advanced financial strategy where you stack term life insurance policies. It will allow you to pay lower premiums over time as you focus on paying off debts.
Then again, you may want to mitigate risks. If you worry that a life insurance company is going to go out of business, you may want the added layer of protection that comes with getting policies from multiple companies.
If there is no set reason for having multiple life insurance policies, it might be best to work with an insurance agent to decide what benefit amount will suit your family in the event of your death. Further, you can explore term, whole, and universal life insurance as viable options.
Ultimately, it’s all about having the right coverage in a life insurance policy. Whether you want one or ten, the options are out there. It’s a good idea to work with a professional insurance agent to ensure you’re making the right decisions so that you and your family are protected later on in life. Contact us at Centennial State Insurance Agency to help you with these decisions.