Owning Multiple Final Expense Policies.

Having multiple final expense policies can be more common than you might think. For example, you may have a small final expense policy dating back to when you were a child. And today with financial dependents you need a second policy to cover the needs of a growing family. Or, you may have your actual coverage intended for debts or medical bills, and yet need another policy specifically for funeral expenses. Luckily, there are no legal limits as to how many final expense policies you can own. Nevertheless, many carriers generally have very little concern over how many policies you own. But, they may take a look more closely at the total amount of your benefits. For this reason, you want to be certain that the benefits you are applying for are no more than what would be reasonable for a person with your expected income level and assets. In other words, you must qualify financially for the total benefit for which you are applying. Furthermore, if you have one policy with a carrier and decide that you want more, the insurer may require a medical exam to evaluate your insurability. Alternatives to Multiple Policies If you think you might need additional coverage in the future or find yourself adding and dropping coverage to meet specific needs, you may want to consider including a policy rider when you purchase a policy. For example, a guaranteed insurability rider could give you the option to purchase additional life insurance coverage at a later date, without undergoing a medical exam or providing any evidence of your insurability. Unfortunately, you never know how your health could change. Including this rider can make sense. Because it could allow you to buy additional insurance at certain intervals, say every few years or at a certain age or life event. The life company will offer you more coverage regardless of your health. But they will likely consider your age when deciding on your premium. Why Combine Final Expense Life Insurance with Other Types of Coverage? Combining final expense life insurance with your other current type of coverage can allow you to enhance your overall protection. This can be very helpful to ensure that your loved ones don’t struggle financially after you pass away. You may already have a certain amount of life insurance coverage for your other needs. These include mortgage payoff, the replacement of ongoing income, or even for the payment of estate taxes. But, the payment of final expenses is yet another cost that you may not think of. Combine a final expense life insurance policy with your other type of coverage. This can help in providing you with the additional amount of protection that you need. Ensure that your family will be able to go on from a financial standpoint. As you plan your overall finances, the last thing you want is leaving your loved ones in financial struggles. By having the right type and amount of life insurance coverage, you can provide them – and yourself – with the peace of mind in knowing that they will be able to carry on, without financial hardship. To put the best policy together, it is always best to first compare quotes from several different carriers. This can best be carried out by working with an independent brokerage that has access to multiple final expense life insurance carriers such as The Senior Care Plan. Can you have final expense insurance with more than one company? There are no rules regarding which carrier or carriers you can take your policies with. You can take out two final expense life insurance policies with the same carrier. However, you might want to compare the costs of increasing your actual policy cover versus taking out an additional policy. This can help you to avoid doubling up on cover or unnecessarily paying for the same level of coverage twice. Buying more than one policy might be the correct option. But, it depends on your circumstances and what it is you need from your coverage. It’s always worth checking with an expert such it is The Senior Care Plan, how each policy and the terms and conditions of each contract, could affect your beneficiaries if they make numerous claims with the same company.