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A person can have two, four, six or many more policies. Often, persons purchase policies at different times for different needs.
However, sometimes, it is not wise to continue to purchase small policies every few years. Although affordability is certainly a concern, economies of scale must also be considered.
An experienced broker with a respected website can quickly shop different companies and review with you the best method to cover your life insurance needs.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Can a person have two life insurance policies? Yes, a person can have multiple policies if they choose to, even with different carriers. A newer trend for insureds is buying a smaller face amount of whole life insurance and doing the balance of insurance in term insurance.
A person can have two or more different life insurance policies. When you fill out the application for the second (or third or fourth) life insurance policy, the application will ask if you have any existing insurance. The reason they do this is to ascertain the total amount of coverage you will have. While you can have as many policies as you want, there is a limit on the dollar amount of coverage, based on your income and assets. On an average, most people can get about 20 times their annual income in life insurance protection.
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However, sometimes, it is not wise to continue to purchase small policies every few years. Although affordability is certainly a concern, economies of scale must also be considered.
An experienced broker with a respected website can quickly shop different companies and review with you the best method to cover your life insurance needs.