Question About Multiple Policies

[Foreclosure]

Can multiple people buy multiple policies for a single individual under the same carrier?

Let's say, she got a $35K policy through RNA and her son is the owner/payer.

Now her daughter wants to buy her another $35K policy through RNA.

Is that doable?

 

[Newby]

Re: Question

Can multiple people buy multiple policies for a single individual under the same carrier?

Let's say, she got a $35K policy through RNA and her son is the owner/payer.

Now her daughter wants to buy her another $35K policy through RNA.

Is that doable?

No. And you need to make thread titles that kind of describe your actual question or all heck breaks loose.

Actually yes if the company's limits aren't reached. With the fully underwritten RNA you can. With the simplified issue...no.

 

[WinoBlues]

Re: Question

Answer....

 

[arnguy]

Re: Question

Answer....

x2...................

 

[rapidrobert]

Re: Question

However, they can have a max policy with two different carriers, right? For instance 30k w/ Americo and 25 w/ Monumental!

 

[WinoBlues]

Re: Question

However, they can have a max policy with two different carriers, right? For instance 30k w/ Americo and 25 w/ Monumental!

Yes and no. They may also have to fit by income and insurable interest. Best to check with companies you want to use.

 

[xrac]

Re: Question

No. And you need to make thread titles that kind of describe your actual question or all heck breaks loose...........

At least it is in the correct forum.

 

[CaptiveBroke(r)]

Re: Question

As stated above, as long as the max is not reached it is possible.

Recently wrote a $7,500 FE w/Columbian on a 75 year old lady and her daughter is the owner. A week later, her other daughter called me and wanted same thing for mom.

Had to do additional phone interview/script check but second policy issued same day I faxed it over.

 

[Hopwood04]

Re: Question

Two things. 1. All carriers have limits as to how much coverage can be inforce on each insured. Each companies limits are different, check with your company to find out their limits. 2. From a legal stand point, there is no problem for a child to buy insurance on their parent. As long as the purchaser of the policy has insurable interest they can do it.

 

[xrac]

Re: Question

Two things. 1. All careers have limits as to how much coverage can be inforce on each insured. Each companies limits are different, check with your company to find out their limits. 2. From a legal stand point, there is no problem for a child to buy insurance on their parent. As long as the purchaser of the policy has insurable interest they can do it.

You mean carriers not careers, although careers also have limits.