New messages from Aflac |
View Notifications opens a dialog
Close X dismisses the notification alert
You can have multiple life insurance policies at once. There are a handful of unique scenarios where it may make sense to own more than one life insurance policy. Receiving more financial protection, working toward new budgetary goals, and exploring different benefits are a few reasons to consider having more than one life insurance plan.1 Let’s dive deeper into why you may need multiple policies so you can decide if this strategy is right for your needs.
Here are some scenarios where having multiple life insurance policies may make sense:
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
If you want more than one life insurance policy, there are many types to consider, including:
Term life insurance is a temporary plan that typically lasts 10, 20, or 30 years. This policy provides a death benefit payout if you pass away before it expires.
Whole life insurance is a permanent plan that offers lifelong coverage and a cash value component that grows over time. There are several ways you can access your cash value while still alive, such as a withdrawal or policy loan.
Universal life insurance is a permanent policy that offers flexibility. You can adjust your premiums and death benefit as necessary. This policy also comes with a cash value component.
Final expense insurance is a small permanent plan designed to cover end-of-life expenses after you pass away. Beneficiaries can use the proceeds to pay for your funeral, burial costs, and outstanding medical bills.
There is no limit to how many life insurance plans you can have at one time. Having more than one policy may provide the additional coverage you and your loved ones need. When deciding how much life insurance you should get, consider factors such as your income, debts, and how many dependents you have.
Now that we’ve explored a few of the reasons it can be handy to own multiple life insurance policies, you can decide if it makes sense for your lifestyle. If you currently own a term life insurance plan, you may be able to purchase an additional policy to receive added benefits. Having one or two life insurance policies may be all you need.
You may be able to purchase a whole life insurance plan if you are hoping for a greater death benefit, lifetime coverage or access to the cash value. On the other hand, you may want to buy a final expense whole life insurance policy if you are looking for more benefits surrounding end-of-life costs, like burial expenses or medical bills.
Getting multiple life insurance policies may be the right strategy if you need additional coverage. Aflac offers term, whole and final expense life insurance to meet various personal needs. Each plan offers a unique set of benefits.
While term life insurance is typically used for primary income replacement, it still offers a substantial death benefit that may be able to help you reach certain investment goals. On the other hand, whole life insurance may help you reach more significant financial goals, like a retirement plan.
Our life insurance plans are affordable and portable, and you may be able to skip the medical exam depending on policy specifications. We recommend chatting with an agent to determine how owning multiple life insurance policies can help support your needs.
1 Forbes Advisor - Can You Have More Than One Life Insurance Policy? Updated November 22, 2022. Accessed February 20, 2024. https://www.forbes.com/advisor/life-insurance/more-than-one-policy/.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York. 68000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400.65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series: Whole: In Arkansas, Delaware & Oregon, Policy Q60100M. In Idaho Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In Texas, Policy Q60100MTX.Q60000 series: Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C.
Final Expense insurance coverage is underwritten by Tier One Insurance Company. The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
This is a brief product overview only. Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For complete details, including availability and costs, please contact your local Aflac agent.
Aflac does not offer Universal or Variable Universal life insurance.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999
NY | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
Z2400151
EXP 3/25
