Can you have more than one life insurance?

What if I have two life insurance?

There is no legal limit on how much life insurance a person can have. Therefore, you can have two life insurance without major problems. However, it is necessary to consider the provisions of Law 50/1980 on the Insurance Contract, which establishes that no person can be unjustly enriched through insurance. This would imply that no one can charge two or more times for the same claim or accident.

In any case, this legal provision does not apply in the event of death, disability or incapacity of a person, which are the risks covered by life insurance, since the life of a person is in no way capable of being economically valued. . In short, you can insure your life as many times as you want and for the capital that you stipulate. In such a case, your beneficiaries will receive the insured capital in all the policies you have contracted.

It may happen, however, that the new company asks you if you have already contracted one or more other life policies, as well as, if so, the sum insured in each of them. In this case, you should know that the Insurance Contract Law obliges you to provide said information, that is, notify the insurer that you have already contracted other life insurance with the same beneficiaries. If said information is omitted, the company could claim damages caused by its ignorance.

How much life insurance can I have?

You can have several life insurances, either simultaneously with the same company or with different insurers. And not only that, but in your different life insurance you can determine the same beneficiary or different beneficiaries in each of them. Thus, for example, in life insurance, you can assign your spouse as beneficiary and in others your children. In such cases, once the death of the insured occurs, each beneficiary will receive the capital that has been established in each policy. Likewise, if someone appears as a beneficiary in several life insurances, he will accumulate money from all of them.

The number of life policies worth purchasing will ultimately depend on the level of financial security you wish to establish for yourself and who you prefer to be your beneficiaries. For this, it is recommended that you compare the insurance offered by the different entities, study the most competitive premiums and, of course, keep in mind the additional advantages included in each of them.

It does not make sense, however, that you have more than one life insurance linked to a mortgage, since in the event of the death of the insured, only one of such insurance would take over the mortgage, rendering any of the others useless. On the other hand, it is possible and highly recommended, to have life insurance for the mortgage and another traditional life insurance, since the first of these would be used to pay off the mortgage, while the capital contracted in the traditional life would go entirely to the designated beneficiary or beneficiaries.

How can I find out if a deceased family member had more than one life insurance?

In the event that a family member has died without previously letting you know what insurance they had taken out, you can go to the so-called Registry of Death Coverage Insurance Contracts to find out. This is a public registry where you can obtain information regarding whether your family member had taken out one or more life insurance policies, as well as the insurance company or companies with which they signed the corresponding policies.

The only requirement for this is that your request occurs at least 15 days after the death of the insured. You can request this information in person, online, or by mail. This registry stores data for up to five years.