Insurance companies love having as many customers as possible, and while insurance is heavily regulated, it’s perfectly legal to own more than one life insurance policy.
Indeed, you may find many situations where having multiple policies makes good financial sense.
Can you have multiple life insurance policies?
It is perfectly legal to have multiple life insurance policies. You simply have to be able to justify the amount of coverage you request. Can I apply for multiple life insurance policies at the same time? Yes, you can apply for multiple life insurance policies simultaneously.
Can I have 2 term insurance policies?
You can buy two or more term insurance plans to fulfill your insurance needs. It is possible to have more than one beneficiary for the insurance plan. If you have two insurance plans, there is no stipulation of nominating the same beneficiary for both the insurance plans.
Can I have multiple car insurance policies?
The Legality of Having a Car Insured Twice
It is legal to have two car insurance policies on the same vehicle. However, one insurance company will not insure the same car twice. You will have to purchase a second insurance policy with a different insurance carrier and pay both bills.