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Will multiple life insurances policies pay off when the policy holder dies?
TJQuest
Yes. Why not? Most insurance companies will check to see if any additional insurance policies exists for a policy holders. If so, they make sure that only one policy pays off. This is especially true (for example) if you are covered by two different life insurance policies one as part of your automobile insurance and another as a straight term insurance policy. In the event that one policy pays off in full the other policy is prorated by the other so that the beneficiary doesn't receive the full payout amount for the second ploicy. I've never heard of this in life insurance, I'd like to see some documentation on that. Sure, it happens in medical insurance, not life.
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoThe policy holder is the "owner" of the policy and not necessarily the person covered by the insurance or "the insured". However, if the "insured" person passes away, any and all policies that are currently in force (paid to the current date) would pay out.
If policy holder died, the nominee person will get the cover. otherwise you won't get any money.if you want to know more about your query, just visit the bankbazaar.com
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