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Can You Have Multiple Life Insurance Policies?

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

For example, 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.2

Receiving more life insurance coverage may be attainable if you stay within each company’s rules and regulations. 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.3

In an alternate scenario, 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.4

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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

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, 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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