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Can You Have Multiple Life Insurance Policies?

You can have multiple life insurance policies at once. There are a handful of unique scenarios where it may make sense to own more than one life insurance policy. Receiving more financial protection, working toward new budgetary goals, and exploring different benefits are a few reasons to consider having more than one life insurance plan.1 Let’s dive deeper into why you may need multiple policies so you can decide if this strategy is right for your needs.

Reasons to have multiple life insurance policies

Here are some scenarios where having multiple life insurance policies may make sense:

  • You have a growing family: If you have multiple dependents, having multiple life insurance policies may make sense. For instance, you may consider a term life insurance policy in addition to your employer-sponsored plan if you and your partner have children.

  • Your employer-sponsored plan isn’t enough: Let’s say your employer offers group life insurance, but it doesn't provide enough coverage for your needs. In this case, you may want to pursue an individual life insurance plan for greater financial protection to help cover funeral expenses or unforeseen medical bills. This type of strategy can also be called life insurance laddering.1 Receiving more life insurance coverage may be attainable if you stay within each company’s rules and regulations.

  • You leave your job: It may make sense to pursue a separate individual life insurance policy if you plan to leave your current job. Sometimes you can’t keep life insurance benefits if you don’t continue to work for the same company.1

  • You’re buying a house: Having multiple life insurance policies can provide your family with a bigger death benefit payout that can be used to pay off large debts, such as a mortgage.

  • Your financial goals have changed: Your financial situation and goals can evolve over time. For instance, you may have previously purchased a low-cost  term life insurance plan to help your family recover financially in the event of a loss. However, you may have had another child, and your financial goals have changed. You may want to pursue a  whole life insurance plan instead that offers cash value benefits. In this case, you may be able to borrow against the cash value in the form of a loan to help pay for college or a larger home.1
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Types of life insurance policies

If you want more than one life insurance policy, there are many types to consider, including:

Term life insurance

Term life insurance is a temporary plan that typically lasts 10, 20, or 30 years. This policy provides a death benefit payout if you pass away before it expires.

Whole life insurance

Whole life insurance is a permanent plan that offers lifelong coverage and a cash value component that grows over time. There are several ways you can access your cash value while still alive, such as a withdrawal or policy loan.

Universal life insurance

Universal life insurance is a permanent policy that offers flexibility. You can adjust your premiums and death benefit as necessary. This policy also comes with a cash value component.

Final expense insurance

Final expense insurance is a small permanent plan designed to cover end-of-life expenses after you pass away. Beneficiaries can use the proceeds to pay for your funeral, burial costs, and outstanding medical bills.

Is there a limit to how many life insurance policies I can have?

There is no limit to how many life insurance plans you can have at one time. Having more than one policy may provide the additional coverage you and your loved ones need. When deciding how much life insurance you should get, consider factors such as your income, debts, and how many dependents you have.

Should You Have More Than One Life Insurance Policy?

Now that we’ve explored a few of the reasons it can be handy to own multiple life insurance policies, you can decide if it makes sense for your lifestyle. If you currently own a term life insurance plan, you may be able to purchase an additional policy to receive added benefits. Having one or two life insurance policies may be all you need.

You may be able to purchase a whole life insurance plan if you are hoping for a greater death benefit, lifetime coverage or access to the cash value. On the other hand, you may want to buy a final expense whole life insurance policy if you are looking for more benefits surrounding end-of-life costs, like burial expenses or medical bills.

Aflac Life Insurance Policies Can Offer the Coverage You Need

Getting multiple life insurance policies may be the right strategy if you need additional coverage. Aflac offers term, whole and final expense life insurance to meet various personal needs. Each plan offers a unique set of benefits.

While term life insurance is typically used for primary income replacement, it still offers a substantial death benefit that may be able to help you reach certain investment goals. On the other hand, whole life insurance may help you reach more significant financial goals, like a retirement plan.

Our life insurance plans are affordable and portable, and you may be able to skip the medical exam depending on policy specifications. We recommend chatting with an agent to determine how owning multiple life insurance policies can help support your needs.

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