Can I Have Multiple Life Insurance Policies at the Same Time?

Yes, you can. However, it is important to understand that the total amount of coverage that you have in place or are applying for must be justifiable based on your income and net worth. If you already have a significant amount of insurance in place and apply for another policy, the insurance company could limit the amount for which you are approved in order to keep you from being over insured. Remember, Dave recommends having 10-12 times your annual income in term life coverage, whether it is in one policy or split between multiple policies.