Can I Have Two Life Insurance Plans?

1. 

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   The total face amount of life insurance is the quantitative issue here and not the number of polices. As long as the number of polices don't exceed the total justifiable amount of death benefit, there should be no issue. Life insurance is an indemnification product for protection. Collecting the right data is the most important item to increasing your justifiable amount.

   Answered on August 8, 2013

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2. 

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   Peggy Mace

   Most of the U.S.

   Yes, you can have two or more life insurance policies. Some types of policies are better for certain needs, and it can be beneficial to have different policies to suit differing needs in your financial plan. E.g. Term life might be best to cover your mortgage, whereas whole life might be best for funeral funds.

   Answered on December 10, 2014

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