Is there a limit to the amount of cumulative life insurance that an individual can have?
Question Details: I would like to personally hold 10 times my annual income in term life insurance. My business partner would like to insure me for 1/2 the value of our business so that in the event of my death, he has the money due my estate to cover 1/2 the value of the business. What are our limits/restrictions?
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The only restriction is what insurance companies will write you. As long as you answer all questions truthfully, including income and how many other policies or much other coverage you have, if the companies will write it, it's legal.
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