Can I have more than one Insurance Policy? |
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Answer:
Yes. Most people have separate insurance policies for a number of different scenarios. In addition, you can buy more than one policy for specific situations such as disability insurance. You might buy a short term disability policy that has no waiting period as well as a long term disability policy that will kick in after you’ve been disabled for a set amount of time. Likewise, you might have a whole life insurance policy in place and then take out a term life insurance policy to cover a temporary need. You can also have several different life insurance policies from a variety of companies. However, if it looks as if you are requesting more insurance than is reasonable for your given financial situation, the insurance companies may question your motives. In some cases, you’ll be discouraged from taking out duplicate coverage such as if your employer and your spouse’s employer both offer medical insurance. Even if you had two medical policies, you couldn’t submit your medical bills to both companies and collect reimbursement from both insurers. Instead, the two insurance companies would work out who had primary responsibility for the claims and that company would pay up to policy limits. Then the second insurance company would kick in for any covered benefits beyond those amounts. Trackback(0)
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