Can you have more than one life insurance policy?

Can you have more than one life insurance policy? Yes, and you can get supplemental term life insurance rates that start under $10 a month, depending on your health and other specifics. Can you have more than one life insurance policy per company? This will likely depend on the insurer in question and what they're currently offering you, but they may just allow you to further customize your coverage if available.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Nov 18, 2021

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Overview

  • You can have multiple life insurance policies
  • There is no limit on how much insurance you can have
  • You should make sure you can afford the extra coverage

Can you have more than one life insurance policy? Yes, there’s actually no legal limit on how much you can carry.

That doesn’t mean you should buy all you can, though, as prices and policies can vary in quality from even the best life insurance companies.

Can you have more than one life insurance policy per company? Enter your ZIP code into our free quote tool to find an insurance policy from a new company.

What are the best life insurance companies for additional coverage?

There are many situations in which it may pay to have multiple life insurance policies. However, just as every situation may be different, so will finding out which approach best fits.

For example, if you had a permanent life insurance policy but were expecting a child, you might want some additional coverage. A 15-year or longer-term life insurance policy would be enough time to add coverage for extra expenses if you were to pass while the child is still growing.

If you were to sign up for an additional term life insurance policy from another company, you’d likely have to go through new underwriting to get the coverage. Also, if it’s been a while since you got your first policy, you may find that you’ll have to pay more for your coverage.

Below is an example of some sample rates from three top term life insurance companies:

Average Monthly Term Life Insurance Rates by Company
CompanyAverage Monthly Rates
FEGLI$17.99
Haven Life$8.87-$11.89
WAEPA$5
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Depending on your age, occupation, hobbies, and other markers of your lifestyle, you may be able to get a term life insurance policy for under $10 a month.

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Can you have multiple life insurance policies?

The good news is most insurers won’t mind if you have another policy somewhere else.

Can you have two life insurance policies? Sure, you could if you wanted.

You can have more than one life insurance policy to provide you with supplemental coverage to properly ensure that the death benefits will cover all of your family’s needs if you die.

Having multiple policies can get expensive if you aren’t careful. To ensure that you get the best savings available, make sure you research any prospective insurance policies before you immediately sign up.

Can I have more than one life insurance policy?

Many insurers will give you a policy even if you already have one at another company. Although your new policy will likely be underwritten at your new age, the premiums can start to add up if you’re not careful. Because of this, it’s imperative that you only get the coverage you need.

How many life insurance policies can I have?

How many life insurance policies can one person have? You can likely apply for a few life insurance policies if you need the coverage and get all the coverage you can afford as long as you stay current on the premium payments.

However, it’s advised that you don’t apply to multiple insurers simultaneously, as this could cause complications in your sign-up process. It’s much wiser to see how you like a policy before adding more coverage.

How many life insurance policies can you have on one person? As long as you can prove insurable interest, you shouldn’t have any problems getting life insurance on someone. Multiple policies taken out on another individual may stand out as a red flag to your insurers, though.

What policy types are best when buying multiple?

What policy type best suits your scenario will likely depend on why you need more insurance to begin with.

According to the Insurance Information Institute, some of the most popular types of life insurance are:

  • Term Life – Lasts for a specific period of your life and guarantees equal death benefits and rates.
  • Whole Life – This policy covers your entire life as long as your payments are current; some provide cash value savings account.
  • Variable – This life insurance policy allows you to invest the proceeds in several stocks and mutual funds to let the market raise or lower it.

Each of these policies will suit a unique individual, and adding additional coverage to one of these policies can help cover any gaps. However, each approach comes with its risks, such as terms only lasting for a period and variables being subject to the occasional lows of the market.

Are there limits on how much life insurance you can have?

Currently, there are no legal limits on how much life insurance you can hold. That being said, it doesn’t mean you shouldn’t place any limits on yourself. Paying for several life insurance policies would quickly affect the finances of most customers.

Instead, you should look to properly customize your existing coverage if possible before getting new coverage. As always, a little forethought can help save your finances.

Why would someone need multiple life insurance policies?

There are many scenarios in which an individual may need additional life insurance coverage for their loved ones. Life can be unexpected and expensive, so you never know what bills may come up when you least expect them.

Because of this, having comprehensive life insurance to care for those needs when someone loses a provider can help ensure that the beneficiary’s life is disrupted as little as possible. 

Some examples of people who might make use out of extra life insurance include:

  • Young Families – If you’ve just married or introduced a little one into the world, you may find an additional term life policy helpful.
  • Business Owners – If your business will be heavily impacted by losing you, a proper financial boost can help cover the interim and set up your legacy through your workplace.
  • Future Investments – If you’ve got the money to spare, you may want to pay the rates to have your life insurance invested on the market, therefore earning more money but also potentially losing some.

Each individual will know which life insurance policy is best for them, and if you’re having trouble, you can likely speak with a financial representative who can help you narrow down your options.

How can I tell if I need multiple life insurance policies?

This is more of a personal decision that relies on your understanding of your current insurance policy and what kind of extra coverage you need.

For instance, if your life insurance premiums are already costing you an arm and a leg, you may want to wait and see if you can afford the extra coverage. It’s also worth discussing with loved ones to help you decide if there is any value in you paying extra each month.

Once you better understand your circumstances regarding your current life insurance policy, it’ll be much easier to figure out what kind of supplemental coverage you need.

More Than One Life Insurance Policy: The Bottom Line

Many insurers will offer you an additional life insurance policy if you don’t have one, and there isn’t a limit on how many policies you can have. However, if you aren’t careful, you may soon end up paying more in monthly rates than you can afford.

Can you have more than one life insurance policy per company? Enter your ZIP code into our free quote tool to see what you could pay for a new policy.

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Enter your ZIP code below to compare cheap insurance rates.

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