Can I have more than one life insurance policy?

Yes, it is possible for a person to own more than one life insurance policy. In some cases, multiple policies are obtained in order to reach what is determined to be the optimum level of coverage.

Some people have a small life insurance policy provided by their employer, some employers offer basic life insurance policies for their employees. Even though this coverage is better than nothing, in some cases it may be inadequate to replace lost income.

In some cases company provided life insurance coverage provides a percentage of the worker’s annual income, often between 50% and 200% of base salary.

In the event of the worker’s death, this small death benefit would likely be exhausted quickly. Therefore, it may be determined that it is a good idea to supplement that basic coverage with additional life insurance.

This type of basic coverage can be supplemented with an additional life insurance policy, either through the employee’s job or through a third party life insurance company.