1. Ted RatliffPRO
    Owner, SeniorCare Financial Services Northeast Ohio,
    You can have as many as you want or can afford as long as the total amount of inurance is deemed reasonable by the issueing companies.  A single person making $15,000 a year may have a heard time convincing the insurance company he has a need or can afford $10,000,000 in life insurance.  Otherwise there are no rules governing how many policies you can have
    Answered on April 29, 2013
  2. Jerry Vanderzanden, CLU, ChFCPRO
    Co-Founder, Coastal Financial Partners Group, California
    There is no limit on the number of policies that one may have on one's life. However, there is a limit on the total amount of coverage (death benefit) on one's life. Depending on insurer, for insureds under 40 it can be up to 25 times one's earned income. The multiple is less at older ages.
    Answered on April 29, 2013
  3. Steve SavantPRO
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    You can have several life insurance polices, but it's the collective amount of total death benefit that ultimately hits a threshold of financial justification. You're only worth so much and when that threshold is met, you're ability to purchase additional life insurance is generally limited. Keep in mind that you also have to establish insurable interest between the policy insured and the policy beneficiaries.
    Answered on August 18, 2013
  4. Peggy MacePRO
    President and Senior Agent, Outlook Life, Most of the U.S.
    There is no limit on how many life insurance policies someone can have, as long as the sum of all the face amounts is within what can be justified financially. When you apply for a new policy, the insurance company will ask what existing coverage you have, as well as if you plan to replace any of your current policies. That is partly so they can determine your sum total of life insurance. On average, most people can get about 20 times their annual income in life insurance, but it can be far more or far less depending on age, net worth, and other factors.
    Answered on September 2, 2013
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