Yes, you can have two or more life insurance plans.
Over time you may find your need for life insurance coverage has changed, whether it's due to a life changing event, like getting married or buying a new home, or you have taken on additional debt.
No matter what the cause of your additional need for life insurance, it is possible for you to own two or more life insurance policies.
When you apply for life insurance the application has a question about any other life insurance you already own and how much coverage you have in place.
The insurance companies ask this question to understand your need for life insurance, and to make sure you aren't over-insured.
Usually, a life insurance company will allow you to purchase from 10 to 20 times your annual income in life insurance.
So, if you make $100,000 a year, you may be able to buy from $1,000,000 up to $2,000,000 of total life insurance.
This total amount of life insurance may be spread out over more than one life insurance policy.
Here is a helpful article that explains
how many life insurance policies can you have, and why.
