It is legal to have as many life insurance polices as you want, as long as you are financially qualified to carry that amount of life insurance. Normally, the amount that a person can get is about 20 times their income. This amount drops in the senior years. Financial guidelines vary between companies; ask an agent for advice when applying for a second (or third or fourth) life insurance policy to guide you.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Is it legal to have multiple life insurance policies? Absolutely, you can purchase as many life policies as you qualify for. Some people worry that having a single policy with all the coverage inside that policy as a risk. A sort of all your eggs in one basket idea. So the idea of using several companies makes sense to them. It may not be necessary, but doesn't make it wrong.
Also, when it comes to companies that sell insurance, some companies are very competitive on Whole life policies but not their term. It is not uncommon for a person to buy their permanent coverage from one company and buy their term from another.
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Also, when it comes to companies that sell insurance, some companies are very competitive on Whole life policies but not their term. It is not uncommon for a person to buy their permanent coverage from one company and buy their term from another.