I had a heart attack 14 years ago, and no one will insure me for more than 10-15k. I see life insurance ads for 10k for pennies a day. What if I buy 10-15 of these from the different companies for a total of 100-150k? My wife thinks it sounds like ins fraud. I don't think it's illegal to take advantage of it. Who is right(er)?
Multiple life insurance policies
byu/ChocolateMilkMustach inInsurance
Posted by ChocolateMilkMustach
5 Comments
The premiums would probably add up quicker than you think. Unless we are talking very few pennies per day, the monthly premiums would probably add up to the same premium for one 100-150k policy. Which also wouldn’t be very expensive if you happen to be relatively young and healthy.
Can you get any coverage through work? My work has a group life that doesn’t require medical that has pretty good coverage. I think up to 300,000 for fairly cheap.
Having multiple policies is not inherently an issue. Many people have overlapping insurance in certain areas like if you rent a car with certain cards or if your work provides life insurance.
However policies often have a clause about which one applies first and what happens after that. Some policies actual do have an overlap prohibition so check out the actual terms and conditions.
Inexpensive policies are for those in good health and at a good weight who are very low risk.
It’s only fraud if you lie about having a heart attack if asked. Some insurance policies have no medical checks or just higher rates for those with medical history. Seek those out they will be more expensive but it’s an option. A good broker can find one for you in your scenario.