Can you take out a second or even a third life insurance policy? This is a question that has been asked to our advisers many times. Below you will uncover how many life insurance policies you can have and why you may want more than one.
Can you have more than one life insurance policy?
It’s possible to take out more than one life insurance policy. You may have multiple life insurance policies that meet different personal needs that have changed over time. In a way, it could be seen as comparable to having multiple investments.
However, it can sometimes be better to have a single life insurance policy that covers all your needs. You may be able to amend your current policy rather than taking out a new one to meet a change in your circumstances and a new requirement.
How many life insurance policies can I have?
There are no laws stating how many life insurance policies you can have. Therefore, you can take out as many policies as possible to you, but this doesn’t mean it's always beneficial or advisable.
Can you have life insurance with more than one provider?
As you can have multiple life insurance policies at one time, you can take these out with multiple insurers. You may find that different providers offer the most advantageous policies at the time you are searching, which could lead to having multiple policies with different providers. It’s always best to do up-to-date research, which Moneysprite can always assist with.
Can you get multiple life insurance policies with the same provider?
Many life insurance providers will allow you to apply for a second policy with them, but it’s often easier to try and amend your current policy to accommodate your latest needs and preferences. Thus, it’s not as common to have multiple policies with one insurer as it is to have multiple policies with different insurers.
Why would I want to have more than one life insurance policy?
The main reason why you would want to take out a second life insurance policy is that your circumstances have changed and you want to accommodate these life changes in new cover. For example, after having your first baby you may want life insurance that will cover additional things, like your child’s future education expenses. But many policies can be adapted to cater to these major life changes. Your monthly fee is likely to increase.
There is also the possibility of taking out a second policy in trust. Payouts from a policy in trust don’t count towards your estate when you die, and they could help avoid some inheritance tax (IHT).
Can you take out more than one joint policy?
You might be able to take out a second joint life insurance policy with the same person. Joint life insurance policies are usually reserved for married couples, civil partners and de facto partners. They can become invalid if the relationship or marriage breaks down. Therefore, if you were taking out a second joint life insurance policy, it would usually have to be with the same person.
Life insurance brokerage services
Moneysprite offers personable and meticulous life insurance brokerage services. We will discuss your situation and circumstances to help you find the most advantageous life insurance policies. Make your search easier with our professional assistance.
Approved by The Openwork Partnership on 13/10/2025.
