An experienced financial professional and mathematics instructor with nearly a decade of experience in the finance sector, Quincy Deland Magby serves as the owner of Eagle Pathways Financial LLC in Norfolk, Virginia. In this position, Quincy Magby helps new agents acquire their licenses, learn about products, and understand the real-world aspects of the insurance industry.
Thursday, May 20, 2021
As a person gets older, their financial needs and goals may change. Having single life insurance may not be adequate to satisfy the changes occurring in their life. To enable adequate coverage of growing assets and responsibilities, one or more additional life insurance policies may be needed.
Many people have multiple life insurance policies. For instance, some people with small whole life policies since their infancy opt-in for an additional policy at some point in their adulthood, such as when they have a family and require a second policy to cover their family’s needs.
Fortunately, the law does not place any limitation regarding the maximum number of insurance policies a person can hold, and most life insurance providers are not concerned about the number of policies their clients take out. However, the total benefits a person is applying for should be proportional to their expected income level and assets.