Can I Own More Than One Life Insurance Policy?

Yes, a person may own more than one life insurance policy.

Insurance companies ask you on the application for coverage if you own life insurance, and if so, how much. They are checking to make sure you are not overinsured for life insurance.

However, insurers do understand that your need for life insurance may change as your financial responsibilities increase over time. For instance, if you get married, buy a home or have children.

Usually, it's okay for you to own 10 to 20 times your annual income in life insurance, and you can have this amount spread over several life insurance policies.

For instance, you may own a small permanent life insurance plan for your final expenses, and a separate larger term life insurance policy for your shorter term needs of 30 years or less.

Here's an article with more information on How many life insurance policies can you own?

Here's how you can compare free life insurance quotes instantly.