 TITLE: What Type of Life Insurance Should I Get? CONTENT: Can You Have More Than One Life Insurance Policy?\n-------------------------------------------------\nMany people have more than one life insurance policy. Common situations where multiple policies make sense include:\n*   **Your employer offers life insurance.** Many people receive life insurance at little or no cost as an employee benefit. Since employer-provided life insurance coverage ends when your employment does, you shouldn't rely on it as your sole form of life insurance.\n*   **It's cheaper than increasing the coverage on your current policy.** If you buy a house with a bigger mortgage, get a massive raise or have another child, you might want more life insurance. Buying additional policies sometimes costs less than increasing the death benefit on your existing policy.\n*   **You want to use the \"ladder strategy.\"** This is a financial planning tactic where you buy different amounts of term life insurance for different life stages. For instance, a young family with a 30-year mortgage could take out a 30-year term life insurance policy that covers the amount of the mortgage and a 20-year term life insurance policy to cover child-rearing costs. Laddering can be complex; a financial advisor can help you decide if this strategy is right for you.\nAlthough there's no law against having multiple life insurance policies, there is a limit to the total amount of coverage you can get. When deciding how much coverage to offer you, insurers consider several factors, including your existing coverage, income, projected years in the workforce, debts and who would be financially impacted by your death.\nBecause life insurance is meant to replace your income and cover your debts, the amount you can qualify for is commensurate with your earning power and financial obligations. For example, if you're 30, earn $150,000 a year, are married with six children and have a $500,000 mortgage, you will generally be able to get more life insurance than a single 55-year-old who earns $50,000 a year, has no children and owns their home free and clear. END