How Many Life Insurance Policies Can You Have?

Can a person own more than one life insurance policy?

Yes, you can have several life insurance policies.

Life insurance carriers understand that your needs may change throughout your life, and that's why they allow you to purchase additional life insurance coverage, if that's what you need.

For instance, you may have life insurance through your employer, and want a separate life insurance policy of your own, outside of your work plan.

Or, you may have permanent life insurance and then decide you need a term life insurance policy to provide added coverage at a lower cost, when you start your family.

Although insurance companies have a question on the application which asks how much life insurance you already own, they do allow you to have more than one life insurance plan. Insurance companies want to check to see if you are over-insured based on your income.

Learn more about how many life insurance policies you can have