Can I Buy Multiple Life Insurance Policies?

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    David RacichPRO
    Fountain Hills, Arizona
    The short answer is yes. As long as the total amount of insurance force can be justified through financial documentation. Many policy owners have multiple life insurance policies as they add new coverage at key life events like a new child, a bigger mortgage or increased future obligations.
     
    Answered on July 9, 2013
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    Peggy Mace
    Most of the U.S.
    Yes, you can buy multiple life insurance policies, as long as you have enough income to justify the total amount of life insurance coverage you have in force. In fact, having different types of policies, or policies with different life insurance companies, can sometimes be helpful in accomplishing your financial goals.
    Answered on July 10, 2013
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    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    Yes you can so long as the total death benefit amount makes financial sense to the insurers. Unlike car insurance for example where it is not an acceptable practice to have multiple policies providing coverage on your car, having multiple life insurance policies on yourself is not as a rule frowned upon. It would be a good idea, however, to talk to your Insurance Professional about this because each issued policy will have certain fixed fees included in your premium. Having several policies then might actually end up costing you more than having one larger policy for the full amount of the benefit.
    Answered on March 3, 2015
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