Can One Person Have Multiple Life Insurance Policies? 
A person can own as many Life Insurance policies as they desire if they qualify for the coverage and can pay for them . The biggest problem is that without proper counseling the policy may not fit the need that the person was purchasing the policy for . Many policies are put on the market to meet specific needs and because of the public knowledge a person may buy a policy that they thought meant one type of coverage when in actuality it was completely different coverage . Over my lifetime I have worked with persons who would buy term policies when in their mind they had mixed them up with policies which are paid up early , ie , ten pay life , etc. . I have met more than one individual who through the years had bought 10 year term thinking it was like ten pay life and that it would be paid up in ten years . I want to stress here that buying a Life Insurance policy without understanding all of its reasons for existence is like buying any auto with four wheels without knowing anything further . I would also like to point out that most Life Insurance policies have what is called a `` policy fee '' that is attached to the premium of the policy . What this means is that the company is charging fifty to sixty dollars per year for the administration of that policy and there is no coverage on that amount of the premium . I have had people want several smaller policies to avoid taking a medical . This also can be a mistake since most companies have discounts on the larger amounts of Life Insurance on an individual . In today 's life you can find an individual who has knowledge in all fields of finance . If that person is living up to the pledges made to become an agent they will educate the client and help them purchase the proper Life Insurance and investments without sales pressure . A good agent builds clients for a lifetime ! Allen D. `` Al '' Mitchell , Ph.D. , CLU , FLMI Author `` The Prophets Dollar '' second edition . 