Can I have multiple policies?
Some people think that when you have a life insurance policy that you’ll have to set it up for the exact amount that you want. They believe one policy is all you’ll ever be able to have. But this is not true at all. In fact, most of our members have more than one policy.
You can have as many policies as you want.
The only factor that comes into play here would be how much death benefit you’re allowed to have. In other words, the number of policies you can have is only limited by the total death benefit awarded across all policies owned.
The maximum death benefit you’re allowed to have is determined by the insurance company. They will gather information on you such as your age, your health, your income, and your net worth. They are essentially putting a dollar value on your life. It’s a little morbid, I know. But to them, this is a necessary piece to the insurance puzzle.
So it’s not about the number of policies you have. It’s about the total death benefit you have. Just like you can’t over insure your house or your car, you also cannot over insure your body. And as you increase your net worth, which most people do as they get older, the amount of death benefit you qualify for will increase too. This means you’ll be eligible for more policies.
For me, personally, I have 24 policies.
And I have a personal goal of adding at least one new policy every 12-24 months because I want as much of my money flowing through these policies as I possibly can. So it is very likely that you will not have only one policy for your whole lifetime. If you go back to what Nelson Nash said in his book Becoming Your Own Banker, he stressed that it’s not about one policy, it’s about a system of policies.
As time goes on, you will get more policies. This is especially true after you start your first one and you see how effective and efficient it is.
When you’re ready to get started on creating your financial legacy or if you have more questions, most questions can be answered by watching this video. Start there and then schedule a consult with my team when you’re ready to begin.