Can You Have Multiple Life Insurance Policies?

One of the questions that we at Southwest Insurance Center, serving the greater Austin, TX area are asked is whether someone can have multiple life insurance out on their life. Here is what you should know about this topic. 

Can You Have Multiple Life Insurance Policies?

Yes, you are able to have multiple life insurance policies out for the same person. And in fact, many people have multiple policies, so it is not as uncommon or rare as it may sound. 

Why Would You Want Multiple Life Insurance Policies?

There are a few reasons why someone may have or want multiple life insurance policies.

First, they may have one policy offered by an employer and want a second policy that offers more coverage than the free or discounted one that their employer provides. 

Second, they may be locked into a policy with a great rate. If they try to increase their policy due to changes in their life, they may lose that rate. In these cases, taking out a second policy may be cheaper than changing the first policy. 

Third, some parties may wish to have a policy that covers their children with their ex-husband and wife, and a separate policy for their new spouse and children. In this case, having two different insurance policies with different beneficiaries can help prevent fighting among the separate families and make it clear who gets what policy. 

Are you in need of a new life insurance policy? If so, contact Southwest Insurance Center, serving the greater Austin, TX area. We can help you find the right insurance policies for your needs. 

5 Commercial Insurance Myths

Commercial Insurance is tailored to cushion your business financially against risks such as legal suits and natural hazards. However, there are several myths associated with the policy. Here are some of them; 

1. A really small business does not need to have an insurance cover

Small businesses are not immune losses emerging from liabilities, downtimes, equipment theft, and natural disasters. Small businesses are also susceptible to lawsuits that could adversely affect the profitability. 

2. The landlord has an insurance cover, so I do not need one

While the landlord could have an insurance cover for the premises, this does not cover the building’s contents. You need to apply for an insurance cover on your equipment, inventory, and any improvements you have made to your rented space.

3. My business is home-based and therefore covered under my home insurance

Running your business from home does not mean that your home insurance automatically covers the business. Should you have a home office or business equipment in your residence, you should consult commercial insurer such as Southwest Insurance Center know so that they provide a cover for such as well.

4. My insurance policy covers me against any loss

Under the commercial insurance policy, only business-related assets and equipment are covered. 

5. I do not need a commercial vehicle cover as I drive my personal vehicle

If you use your personal car to carry out business related activities such as ferrying work equipment, driving your clients or going to meet with them, this is considered a commercial activity. Have your insurer amend your current policy to cover such business operations.

Need to learn more about commercial insurance?  At the Southwest Insurance Center we write commercial insurance in Austin, TX. We work with qualified agents who will advise you on the ideal coverage options for your business. You can also get a free estimate of your policy on our website.