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Pros and Cons of Multiple Life Insurance Policies


life insurance choices illustrated by many doors

I know you.

You love filling out forms.

For you, there’s nothing better than a good auld form filling session.

Into your comfy jimjams, nice cuppa tay, pen at the ready and you’re happy as a pig in poo.

Am I right??

Oh sorry I’ve got the wrong person, I’m thinking of the wife.

Seriously, give her a form or a survey to complete and she’s yours.

She’s a bit weird, guess that’s why she’s married me.

Nice story Nick but what’s it got to do with life insurance?

You see, you can apply for multiple life insurance policies but it means filling out loads of forms.

But is the extra hassle worth it?

Can you get better cover?

Well come with me and you’ll see….

Applying for multiple life insurance policies

The legal bit.

Legally you can apply to as many life insurers as you like.

There’s no limit to the amount of life insurance policies you can hold.

But, there’s always a but…

You’ll have to tell each insurer about the other policies.

And if the total cover you’re applying for is off the wall e.g you earn €30k and you’re looking for €5m, you’re going to get declined.

Remember life insurance exists to replace your future earnings should you die suddenly.

You can’t leave a windfall amount/more than you would have earned.

So now you know you can apply for multiple life insurance policies, the next question is should you apply to multiple insurers?

The benefits of multiple life insurance policies

Add ons

Each insurer offers additional benefits such as:

What if you want all these benefits?

You can buy a separate policy from each insurer.

Health issues

Each insurer has it’s own underwriting department. Your health issue may be underwritten more sympathetically at one insurer over another.

Applying to multiple insurers gives you a better chance of being accepted at the best price.

Financial risk

It’s rare for a life insurance company to go broke.

But if one does, it’s better to have multiple life insurance policies.


Let’s say you want to take out a mortgage protection policy and a life insurance policy. Zurich, for example, will only allow you a discount on one policy. By applying to another insurer who also offers a discount, you can get a discount on each policy.

Discount, discount, discount, I’ve said it so many times, it’s lost it’s meaning.

The drawbacks of multiple life insurance policies

Form filling

As mentioned already, each insurer has a separate application form so to apply to all 5, you need to complete 5 forms.

This is a pain if you have no health issues but imagine you had to complete a health questionnaire too.

That means 5 application form and 5 questionnaires.

What if the insurer needs a medical report?

That means 5 applications forms, 5 questionnaires and your GP having to complete 5 medical reports. He’ll love you for that!

As you can see, you could spend a good chunk of your life filling out application forms.

Policy fees

Each life insurance policy has a built-in fee. If you have 5 policies you’ll have 5 times the fees making it more expensive than holding one policy.


You’ll also have 5 direct debits to keep an eye on plus their associated fees. What if you miss a payment, that’s 5 referral charges.


Reviewing your policies

It’s a good idea to review your life insurance every few years. Reviewing one policy is time-consuming, imagine trying to review 5.

Should you apply to multiple life insurance companies?

For most people, the answer is no, one is enough.

If you have some health issues, then no more than two.

If you have major health issues, then a maximum of three.

Get in touch with an advisor who can assess your financial needs properly and who knows the ins and outs of life insurance underwriting.

For me the hassle of  keeping up with several life insurance policies from separate companies isn’t worth the benefits.

In most cases you’d be better off buying insurance from one single provider.

Unless you’re buying different types of policies.

In this case I’d say buy from the insurer who offers the best type of cover.

Over to you…

If you’re wondering which insurer is best for you and would like me to guide you, simply fill in this form and I’ll be right back.

My job is to make sure you don’t waste time applying to the wrong insurer – especially if you have a health condition.

Nick McGowan | making life insurance easier

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