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More Than Insurance Quote

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Life insurance is one of the most important purchases you can make as an adult. Without straining your budget, the right insurance policy can give you peace of mind knowing your loved ones will have the financial resources they need to continue their lives after you pass away. But what if your circumstances change and you need additional life insurance? Here we answer that question and offer two alternatives to purchasing more than one policy.

There is no legal limit on the number of life insurance policies you can have. But as we’ll cover in the next section, insurance companies tend to get a little annoyed if your coverage is too much.

There is also no legal limit on the amount of life insurance you carry. But if you earn $30,000 a year and are insured for $2 million, life insurance companies may be concerned. When you are insured for more than is reasonable for your income, insurers may wonder whether such a plan exists.

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For example, most insurance companies will pay benefits to families of suicides as long as they maintain the policy for two to three years (the exact period depends on the company). As grim as the thought is, insurers worry about those buying huge policies when there is no financial need for such extensive coverage.

If you have a business that you want to keep alive after your death, it may make sense to have a broader policy. But if you’re working in an entry-level position and don’t have a lot of financial obligations, it doesn’t make sense. While it’s not a hard and fast rule, if your death benefit is 20 to 30 times your annual salary, insurance companies are unlikely to give you more coverage.

If you earn $30,000 a year, death benefits exceeding $600,000 to $900,000 will likely ring alarm bells for insurers. You should also ask yourself why you are willing to pay for a policy with high death coverage before you need that much coverage.

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There are many times in life when it makes sense to have more than one life insurance policy. Some of those.

It is not uncommon for a grandparent or other relative to purchase a whole life policy for a child while they are still young. While this amount may be enough to cover the cost of a funeral, it is unlikely to be enough to cover your financial obligations as an adult. As you move beyond childhood, you’ll be expected to compare life insurance companies and policies to determine which one best suits your needs.

Let’s say you made $30,000 a year when you bought your first insurance policy. Later, as you move up the career ladder, your income will increase. Instead of making $30,000 a year, you now make $90,000, and as your income increases, you have more financial responsibility. Or maybe you’ve started a business or had children since purchasing your first life insurance policy. The policy that suited your needs when you first purchased life insurance may no longer meet your increasing needs.

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It’s natural to review your life insurance, just as you would review your health insurance plan or car insurance policy, as your circumstances change. If this review results in the purchase of additional coverage, you can rest easy knowing that you are in control of how much you leave behind.

If you have a child who needs help at all times and you want to provide care for him or her after you die, a policy may not provide a death benefit large enough to cover his or her expenses. In situations where your loved one’s long-term care may be expensive, it makes sense to purchase a secondary plan (or even a third or fourth policy). Since there are many different types of life insurance available, a good insurance agent can tell you about your options.

If you’ve become passionate about a particular cause as you grow into adulthood, purchasing another policy is one way to ensure there’s money to donate when you die.

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Let’s say you bought a cheap term insurance policy when you were young and just starting out, and when your children were growing up, you bought a policy with a higher death benefit. Once the kids leave home, you start thinking about important causes you’d want to support without taking anything away from your beneficiaries.

Yes, you can apply for more than one policy with the same company, or you can apply for more than one policy from different insurance companies. As mentioned earlier, insurance companies look at how much coverage you currently have and may not give you more coverage if the death benefit on your current policy is 20 to 30 times your annual salary.

Dana George holds a bachelor’s degree in management and organizational development from Spring Arbor University. She has been writing and writing about business and finance for over 25 years and remains passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. Even though he thinks orange is an unpleasant color for most people, he thinks they’ll really like champagne.

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Terms of Use Privacy Policy Accessibility Policy Terms of Use Copyright, Trademark and Patent Information Do Not Sell My Personal Information With insurance rates expected to continue rising in 2023, more than 60%* of members now have more accurate and fair access to insurance rates under a new policy from the moment it was issued.

Safer drivers can save money on new car insurance policies if they agree to share data about their driving behavior with insurance companies. Using our data and analytics partner Arity®, members can receive personalized car insurance quotes based on driving data.

Since 2018, it has partnered with Arity to process real-time driving data to help detect vehicle accidents and support services such as accident detection, driver reporting and emergency dispatch for Gold and Platinum members.

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If you want to continue using it “as is” and do not want your driving behavior data to be shared with insurance companies for personalized quotes, you do not need to take any action. Arity will collect and analyze your data for transmission to insurance companies only if you give your consent. Members who have decided not to provide their personal information will not be able to benefit from this offer.

Unless you choose to participate in this program, your driving and geolocation data cannot be used to determine your insurance rates. If you agree and then change your mind, you can opt out by following these steps in the app:

For more information about what data is collected for insurance companies, how it is calculated, and whether you can save money, visit: https://www.arity.com/what-is-arity-driving-score/

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