Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent Daniel Walker

UPDATED: Jan 22, 2022

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The Lowdown

  • You can purchase more than one life insurance policy
  • There are limits on the amount of life insurance you can get typically based on your age and annual income
  • You can shop online to compare multiple life insurance quotes at once

In this turbulent day and age, one of the best things you can do to protect yourself and your loved ones is to be sure that you have purchased adequate life insurance coverage. Upon review, you may notice that your current policy is barely enough to provide a substantial financial cushion for your family if you were to pass away.

But if you don’t want to risk canceling it but need more insurance can you have two life insurance policies? Yes, you can. Now, is there a limit to how many life insurance policies you can have? Again, the answer is yes. There are some mitigating circumstances that could keep you from buying too much insurance.

Now, if your primary goal is to obtain affordable life insurance, can you have two insurances at the same time?

That will come down to you as an individual — your budget and even your job could play a role in determining how feasible it is for your to purchase more than one life insurance policy. It’s easier than ever to shop online for life insurance quotes if “Can you have two insurances?” has crossed your mind.

If you’ve ever wondered, “Can you have two insurances?” enter your ZIP code to compare multiple free life insurance quotes at once.

Is it legal to own more than one life insurance policy?

If you’ve been shopping for life insurance and are intrigued by multiple life insurance quotes, “Can you have two insurances?” is an excellent question to be asking. You’ll be happy to learn that you can purchase more than one life insurance policy. However, you will be limited in buying a coverage amount that is comparable to your financial means.

Insurance companies may sell you seemingly large policies, but underwriting will limit you to a certain limit compared to your annual income based on age. Adults under 40 could qualify for a combined total of 25 to 35 times their annual income according to experts. Adults buying at age 60 to 70 would be limited to just 5 to 10 times their annual income in combined life policies. Limits can vary based on the purpose of your life policies as well (i.e. estate planning vs. income replacement).

Bearing that in mind, it is always a good idea to take a good, hard look at your situation in life and determine if purchasing more coverage makes the most sense for you.

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Who should buy more than one life insurance policy?

There are many reasons for someone to purchase more life insurance. If you’re shouldering a new financial responsibility like a newborn baby or have even taken out a sizable loan, you should consider investing in more coverage.

Even if you have life insurance through work you may want to get more insurance as such policies don’t usually offer a lot of coverage.

Let’s take a more in-depth look at situations that would require you to get more insurance.

You Experience a Major Life Change

Life is full of changes and sometimes those changes require you to re-evaluate your insurance coverage needs. It’s actually quite common to see two life insurance policies for one person, and if you are in any of the following situations, you should consider purchasing more coverage:

  • Purchasing a new home
  • Having a baby
  • Starting a new business

If you and a partner are engaging in these enterprises together, it’s vital that you are properly covered — even if that means buying a second life insurance policy. You see, when you pass away, the death benefits of your policy are given to your beneficiary.

When you name your spouse or partner as your beneficiary, you are taking steps to prevent them from being left financially destitute if you were to die unexpectedly.

You Need to Reduce Your Risk

It’s nigh unheard of for a life insurance company to fail; however, if you don’t want to risk losing your life insurance coverage due to a company’s poor financial decisions, buying a second policy can ensure that you will still have coverage even if something catastrophic were to happen to your fist policy.

You Want to Ladder Your Life Insurance

If you’re searching for the best life insurance for married couples, you may be interested in laddering your policies. Laddering your insurance policies means that you have purchased several term life insurance policies that all expire at different times. This is a particularly usual strategy if you are working on paying down debts like your mortgage.

You see, if you were to buy a 10-year term, a 20-year term, and a 30-year term when you were facing a high amount of expenses at home like your mortgage, childcare, and student loans, you would have an incredible amount of coverage for 10 years.

This means that if you were to pass away, your beneficiary would have enough to help cover these costs. Now, as time went by and your children grew up, the first policy would expire and then the second and so on. Essentially, the amount of coverage you need would diminish as your expenses diminish.

How much does life insurance cost?

If you want low life insurance rates can you have two insurances? That’s a good question, but the answer will be different for everyone. For example, if you are in excellent health, you could possibly afford to buy a lot of coverage at a very low rate.

Here you can see the average rates of life insurance for someone who doesn’t smoke:

Average Monthly Whole Life Insurance Rates for Non-Smokers

Non-Smoker
Age & Gender
Foresters Financial
– $250,000 Policy
State Farm
– $250,000 Policy
Foresters Financial
– $500,000 Policy
State Farm
– $500,000 Policy
25-Year-Old Female$156.80$203.14$304.24$400.19
25-Year-Old Male$178.68$225.12$347.99$444.14
30-Year-Old Female$188.96$234.24$368.11$462.39
30-Year-Old Male$216.52$260.14$422.80$514.19
35-Year-Old Female$230.52$273.19$450.36$540.29
35-Year-Old Male$267.05$311.47$522.55$616.84
40-Year-Old Female$277.99$321.24$543.99$636.39
40-Year-Old Male$326.33$375.62$639.80$745.14
45-Year-Old Female$349.30$381.29$685.30$756.49
45-Year-Old Male$401.58$467.84$788.99$929.59
50-Year-Old Female$429.14$470.02$843.68$933.94
50-Year-Old Male$499.36$578.12$982.80$1,150.14
55-Year-Old Female$549.89$598.79$1,082.55 $1,191.49
55-Year-Old Male$629.30$727.97$1,239.61 $1,449.84
60-Year-Old Female$700.83$769.94$1,381.36 $1,533.79
60-Year-Old Male$802.33$988.97$1,582.18 $1,971.84
65-Year-Old Female$912.58$1,045.09 $1,800.93 $2,084.09
65-Year-Old Male$1,043.61 $1,310.87 $2,060.36 $2,615.64
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Of course, if you do smoke, you could face paying very different rates as insurance companies consider smoking to be an activity that can cause ill-health and therefore make you a higher risk to sell insurance to. If you smoke and are wondering how much you may pay for insurance, take a look at this chart here:

Average Monthly Whole Life Insurance Rates for Smokers

Smoker Age & GenderForesters Financial
– $250,000 Policy
State Farm
– $250,000 Policy
Foresters Financial
– $500,000 Policy
State Farm
– $500,000 Policy
25-Year-Old Female$228.77$257.97$446.86$509.84
25-Year-Old Male$270.33$279.92$529.11$553.74
30-Year-Old Female$280.18$300.14$548.36$594.19
30-Year-Old Male$325.89$325.17$639.36$644.24
35-Year-Old Female$340.11$355.39$667.36$704.69
35-Year-Old Male$404.21$383.89$793.80$761.69
40-Year-Old Female$411.99$421.09$821.36$836.09
40-Year-Old Male$505.27$455.44$994.61$904.79
45-Year-Old Female$529.99$505.27$1,043.18 $1,004.44
45-Year-Old Male$690.33$551.79$1,360.80 $1,097.49
50-Year-Old Female$650.08$621.39$1,280.74 $1,236.69
50-Year-Old Male$853.96$683.39$1,684.99 $1,360.69
55-Year-Old Female$807.58$792.14$1,592.68 $1,578.19
55-Year-Old Male$1,069.86 $865.22$2,112.43 $1,724.34
60-Year-Old Female$1,018.89 $964.39$2,011.36 $1,922.69
60-Year-Old Male$1,402.58 $1,158.19 $2,770.86 $2,310.29
65-Year-Old Female$1,294.52 $1,204.29 $2,556.93 $2,402.49
65-Year-Old Male$1,858.46 $1,490.97 $3,673.43 $2,975.84
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If you get a life insurance policy through work, you may not have to worry about paying anything towards your policy. You should remember though that the coverage provided by such a policy is contingent upon your employment at said company. If you are fired or change jobs, the policy may be rolled into another financial vehicle like an IRA. You would need to talk to a financial professional, but it typically does not continue on as originally built.

Is an extra life insurance policy necessary to gain more coverage?

If you were to ask a life insurance company, “Can you have two insurances for extra coverage?” you would most likely be told yes. However, there are other ways to achieve that goal.

For example, if you needed more coverage but didn’t want to go through another application process or medical exam, you could simply increase the coverage amount on your current policy by directly increasing your death benefit or by adding riders to the policy.

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Buying Multiple Life Insurance Policies: The Bottom Line

When you shop online to buy life insurance, “Can you have two insurances?” is probably going to be your first question if you want to be fully covered. Happily enough, you can buy more than one policy, but how many life insurance policies can you have on one person? If you’re purchasing insurance for yourself, you can have as many policies as you need as long as you don’t buy more than 15 times your income in coverage.

Can you have two insurances? Yes, and when you enter your ZIP code you can start comparing free quotes from life insurance companies near you today.