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- Not only can you have multiple life insurance policies, but you can purchase multiple at once.
- Buying 20-year coverage and 30-year coverage at the same time can help as your savings grow.
- Adding a 20-year policy whenever you have a child means it will last until they’re an adult.
While many believe each person can only have one life insurance policy (and one death benefit) in place, this common misconception couldn’t be further from the truth. Not only can you have multiple life insurance policies on yourself or your spouse or partner, but insurance agents maintain there are instances when you should have more than one policy.
This means you can keep whatever life insurance you have and still buy more coverage if you feel you need it. Heck, you can even purchase multiple life insurance policies at once. I talked to some life insurance experts to find out when it makes sense for individuals to have several life insurance policies.
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Buying life insurance to supplement workplace coverage
Steve Sanders, who serves as the senior vice president of life distribution at F&G, says that workplace life insurance coverage can be a great benefit to employees. However, it shouldn’t necessarily be the only coverage workers have in place.
For starters, Sanders says the total death benefit of workplace coverage tends to be limited