Life insurance

[Bodd]

Hello All

I'm thinking of taking out another life insurance policy. Is there anything saying that I can't have 2 or more policy's?

I have cover with my Morgage

 

[Iamchamps]

Nope it’s fine some people have a term one for instance to cover a mortgage and then a whole life one. Or one that pays out different people if you put them in trust etc.

 

[Bodd]

Nope it’s fine some people have a term one for instance to cover a mortgage and then a whole life one. Or one that pays out different people if you put them in trust etc.

Just done a form for death and critical illness with the Post Office for 25 years. Waiting for them to get back to me. Whole life is that the gold plated top version with a cherry on top?

 

[crystal ball]

Remember when you got tax relief on the premiums, same as a mortgage

 

[Bodd]

Remember when you got tax relief on the premiums, same as a mortgage

I'm self employed
Educate me?

 

[JohnD]

Don't let your wife know.

 

[Bodd]

Don't let your wife know.

Or my girlfriend

 

[HERTS P&D]

You won't live long having both.



Andy

 

[Bodd]

You won't live long having both.



Andy

If it were true I'd die having fun

 

[EFLImpudence]

I don't think you have thought it through, Bodd.

Surely, rather than have two policies on yourself, it would be better to have one on the wife and one on the girlfriend.

 

[crystal ball]

I'm self employed
Educate me?

Going back to the 70s in my experience, take out a life insurance qualified you for tax relief on PAYE, as did a mortgage , some guys with high mortgages hardly paid any tax

 

[Deleted member 18243]

Insurance policies always list the things they will not pay out on; sometimes one of these things is "any claim covered by another insurance policy". Does this mean that if you have two policies, neither will pay out because of the other?

 

[Bodd]

I don't think you have thought it through, Bodd.

Surely, rather than have two policies on yourself, it would be better to have one on the wife and one on the girlfriend.

Then get them both drunk on a yacht and tell them about each other...

Your good

 

[Bodd]

Insurance policies always list the things they will not pay out on; sometimes one of these things is "any claim covered by another insurance policy". Does this mean that if you have two policies, neither will pay out because of the other?

So just take out better cover with my existing company?

 

[Bosswhite]

Insurance policies always list the things they will not pay out on; sometimes one of these things is "any claim covered by another insurance policy". Does this mean that if you have two policies, neither will pay out because of the other?

It is a possibility, worth checking the small print first .