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Should I have multiple life insurance policies?

It depends on what you need and many people do have multiple life insurance policies. Here are some of the most typical reasons for having multiple life insurance policies: You need additional coverage - sometimes there are life changes that bring forth the need for additional coverage, such as taking on an additional mortgage or having another child. Often, people add more coverage when such life events occur. You have different purposes for each life insurance policy - many individuals who own multiple policies own them for different reasons, such as one is used as a tax-free wealth transfer to beneficiaries while another is used for accumulating cash value (with each having very different structures to maximize the purpose and intent for purchasing the policy). You are looking to get additional coverage for a specific rider, such as long-term care or critical illness - each life insurance company will only insure you up to a certain amount for long-term care or critical illness. If you wanted additional coverage for these specific healthcare riders, you may need to purchase additional coverage through another life insurance company or purchase a stand-alone policy. You want to mitigate risk in the case of a life insurance company’s bankruptcy - some individuals choose to purchase life insurance through multiple life insurance companies in fear of one going bankrupt. However, life insurance companies rarely go bankrupt and even if they do, they have multiple layers of protection (read “What if my life insurance company goes bankrupt?” for more information). Amplify only works with A-rated companies in the U.S. Make sure to check the rating of the life insurance company you purchase before accepting the policy.

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