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November 30, 2023

How Many Life Insurance Policies Can a Person Have?

Even people who are in good health and maintain a safe and responsible lifestyle may eventually be involved in accidents or contract medical conditions that threaten their lives. With this in mind, appropriate loss control measures must be implemented to ensure that those who depend on a deceased person can retain their quality of life and financially manage an already difficult situation. Given these stakes, understanding life insurance and the financial security it may provide should be a top priority.

What Are Common Types of Life Insurance Policies?

Life insurance may come in many forms, and policies can often be customized to suit your unique circumstances, including budgetary limitations, coverage parameters and financial opportunities. Most policies fall under one of the following categories:

  • Term life insurance—This type of life insurance provides coverage for a predetermined period (e.g., 10, 20 or 30 years) and may provide a payout to beneficiaries if the death of an insured occurs during that time.
  • Permanent life insurance—These policies come in many forms (e.g., universal, whole and final expense policies) and generally provide lifelong coverage for insureds regardless of when death occurs.

Can I Have Multiple Life Insurance Policies?

Maintaining multiple forms of life insurance is both allowable and may even be advisable to ensure your coverage needs are met. By combining multiple life insurance policies, you may be able to retain robust financial security while also optimizing the cost-effectiveness of your investments and having access to additional financial opportunities.

For example, while term life insurance policies may offer coverage only for a limited period, they are also generally less expensive than their permanent counterparts. They may be an appropriate option for those who want to ensure financial security until a specific date, such as when their children reach adulthood or their mortgage is paid off. Simultaneously retaining permanent life insurance may serve as a long-term investment for eventual retirement or future financial aspirations, as these policies can often accrue cash value over time, which may be used to reduce premiums, borrowed against or invested in various stocks and bonds.

Given the diverse coverage options and features available among different types of life insurance, acquiring and maintaining multiple forms may be an optimal way to ensure financial stability while enjoying future benefits.

Get the Right Coverage

At Bovard Insurance Group, our dedicated staff has extensive experience helping families and individuals understand and address their coverage needs. Our agents will use their collective knowledge and resources to help you assess your circumstances, identify appropriate life insurance options and procure optimal policies. Visit our website or call 913-529-1130 to get a personalized quote or learn more.


This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

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