With the aim of giving you financial peace of mind in the face of any eventuality, be it death or disability, there are insurance policies. Many people are concerned about what may happen to the economic stability of their family at the time of an accident that does not allow them to continue being the breadwinner. Life insurance gives you this and more according to the terms indicated in the contract with the insurer; however, this leads us to ask how much life insurance can a person have? We indicate below:
How much life insurance can a person have?
Many people fear what will happen to their family at the time of death, so they purchase an insurance policy; this as a measure to safeguard his family at the time he is no longer by his side. However, in order to increase the insured capital, and compensation for family members, many believe it prudent to take out more than one policy; these can be both a different one within the same company (if it allows it) or in another insurer.
Legally a person can purchase more than one life insurance policy. If the person considers it necessary to have two or more policies, you can contract them at will, provided that they meet the requirements of the contract to be considered admissible by each insurance company in which they purchase a policy.
Why would a person contract more than one policy?
Generally, when a person decides to have more than one insurance policy, it occurs due to various factors. One of them, and it could be said that it is the main one, is to increase the insured capital for greater compensation and benefits.
A second reason is that some life insurance policies are specific and cover a certain need, so that having several can cover the lack of the other…
Another important factor is that, although a person can contract several insurance policies in his name, he is not obliged to place the same beneficiary. Therefore, the insured can acquire several insurance policies in his name and leave a beneficiary in each one; this being of great benefit if you have several children.
