Multiple life insurance policies

[Dave Potts]

Does anyone know whether it is legal to have more than one Life Insurance policy running concurrently? I'm insured with Norwich Union at the mo but am considering taking out extra insurance lest I buy the farm early. My current policy would only take care of my leviathan of a mortgage and I want to keep SWMBO in posh shoes when I go and make sure the young 'uns can afford the latest PS2 games when I'm not around to foot the bill. Any advice warmly received as I'm too tight to pay an IFA :o)

[Melka]

You may have as many life insurance policies as you like worth as much as you like. As for being too tight to pay an IFA you may want to find one who works on an commission only basis as he will be paid by the life assurance company and not by you directly. There is no such thing as a free lunch and his/her commision will be built into the premiums paid by you, but even if you dont use an IFA somebody somewhere will recieve a financial reward for supplying you with a life policy. This even applies to "free quotes" online where no salesman will call and you deal direct with a life company. Somewhere in the small print it will contain a paragraph that tells you how much will be paid to who.