Can I Have More Than One Life Insurance Policy?

Can You Have More Than One LI Policy

It’s a common question to ask. The short answer is that yes, you can have more than one life insurance policy with Smart. 

The real question is, do you need more than one policy? 

Getting the right amount of life cover can be the most significant thing you do for your family. Here are the main things you need to know about holding more than one policy.

Can you manage more than one policy at the same time?

This is a simple point, but it makes it no less important. Everyone’s circumstances change all the time. While you may be able to manage more than one now it can be a lot to take on for one person. 

Something that’s important with life insurance is to make sure you stay up to date on your policy and reassess every year. It's one of the many questions you should ask yourself before taking out a life insurance policy

With the admin alone, it can be a lot to take on so it's important to make this consideration. 

Do you already have some kind of life cover?

I know it might sound like an obvious one, but you may already be covered! There are a few situations where this can be the case. 

Workplace Cover

A good place to start is to check with your employer if they provide you with cover. Levels of cover can vary depending on the individual company. This can range from cover for multiples of your salary to critical illness cover.

It’s important to discuss this with your company's HR department to establish whether you might have existing cover in place.  

Term Life Insurance 

Another type of insurance that you might have is Term Life Insurance. This form of insurance could be a great way to protect your mortgage. You may have purchased it when sorting out your mortgage. A possible downside of this is that it could leave your family exposed in the long term. 

Being able to pay off a mortgage could be enough for you. It’s important to consider the possible implications of going with this alone. 

Are there optional add-ons for the policy?

Many insurers offer optional extras such as additional cover. With our Smart Family Life Insurance, you have the option to add some additional cover. These kinds of add-ons could be a big help no matter what your circumstances are.  

Additional extras like children’s cover and critical illness cover could make the difference to your family. 

How many life insurance policies do you need? 

The answer to this question varies. So, it makes sense to take some time to think it over. 

A key consideration that you need to make is, how much money would your family need? This means considering your outstanding mortgage or what kind of loans or other debt you have.

It could also stretch to what you would like the money to do in the longer term. A child’s education could be something that your life insurance benefit could pay for. 

Take Control with Smart Life Insurance

Once you’ve considered these points the next thing to do is make your move. Starting the conversation around life insurance is the most important step. 

You may already have a fair idea of what you need when it comes to life insurance. Don’t worry though, this is something that we will help you get sorted out quick and easy. 

Protect the life you’ve built, the Smart way

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For new Family Life Insurance policy holders only, once a minimum of 6 successful monthly premiums have been paid and the total premiums paid exceed the face value of the gift card. View full terms and conditions. Restrictions apply, see