Can I Have Multiple Term Life Insurance Policies?

Yes, you can have more than one life insurance policy.

The only thing the life insurance companies will care about is whether the total amount of death benefits for all of your life insurance policies combined exceed more than 20 times your annual income.

So, if you earn $100,000 per year and apply for more than $2,000,000 of life insurance, the insurance company may have an issue with this request and limit the amount of life insurance you can buy. The insurance company wants to be sure you are not over insured, giving you an incentive to commit suicide to benefit your family's income.

Suicide is usually excluded the first two years you are insured by your life insurance policy, one year in some states like Colorado.

Learn more about how many life insurance policies can you have