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You may have multiple life insurance policies at once, and there are a handful of scenarios when this strategy might make sense. 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 Aflac offers whole, term, and final expense life insurance policies that can help provide your loved ones with added financial protection. Let's dive deeper into why you may need multiple policies so you can decide if this strategy is right for your needs.
Table of Contents
There are several scenarios when having multiple life insurance policies may make sense:
If you want more than one life insurance policy, there are many types to consider, including:
Term life insurance is a temporary plan that typically lasts 10, 20, or 30 years. This policy helps provide a death benefit payout if you pass away before it expires.
Whole life insurance is a permanent plan that can offer 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 is a permanent policy that can offer flexibility. You can adjust your premiums and death benefit as necessary. This policy also comes with a cash value component.
Final expense insurance is a small permanent plan designed to help 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.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedThere is usually 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.
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 term life insurance, 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. Before getting an additional policy, make sure you understand how the premiums will impact your budget and ensure that it will support your evolving financial goals.
Getting multiple life insurance plans may be the right strategy for you if you need additional coverage. Aflac offers term life, whole life, and final expense life insurance to help meet various personal needs. Each plan offers a unique set of benefits.
Our life insurance plans are budget-friendly and portable, and you may be able to skip the medical exam depending on plan specifications. Chat with an agent today to discuss the coverage options we offer and how owning multiple life insurance plans can help support your needs.
Get Started
Review all the major differences between term and whole life insurance, including costs, coverage, pros & cons.
Life insurance with cash value lets you withdraw money to cover necessary expenses. Find out how cash value savings work and the types of insurance policies offered, including whole life insurance.
Review all the major differences between term and whole life insurance, including costs, coverage, pros & cons.
Life insurance with cash value lets you withdraw money to cover necessary expenses. Find out how cash value savings work and the types of insurance policies offered, including whole life insurance.
1 NerdWallet - Can You Have More Than One Life Insurance Policy? Updated July 18, 2024. Accessed February 5, 2025. https://www.nerdwallet.com/article/insurance/can-you-have-more-than-one-life-insurance-policy.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac group life insurance plans underwritten by Continental American Insurance Company, in California, Continental American Life Insurance Company, and in New York, American Family Life Assurance Company of New York:
Group Term Life (CAI9100R series)
In Arkansas, Policy CAI9100. In Idaho, Policy CAI9100R. In Oklahoma, Policy CAI9100OK. In Pennsylvania, Policy CAI9100PA. In Texas, Policy CAI9100TX. In Virginia, Policy CA9100RVA.
Group Term Life (92000 series – PLADS)
In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, and Virginia, Policy ICC20 CDL1100. In New York, Policy AF92100NY.
Group Term Life (93000 series – T120)
In Arkansas, Idaho, Oklahoma, and Oregon Policy ICC22 C93100.
Group Whole Life (WL-9800-MP series)
In Arkansas, Policy WL9800-MP AR. In Idaho, Policy WL9800-MP ID. In Oklahoma, Policy WL9800-MP OK. In Pennsylvania, Policy WL9800-MP (PA). In Texas, Policy WL9800-MP. In Virginia, Policy WL9800-MP(VA).
Group Whole Life (C60000 series)
In Arkansas, Policy C60100. In Idaho, Policy C60100ID. In Oklahoma, Policy C60100OK, In Oregon, Policy C60100OR. In Pennsylvania, Policy C60100PA. In Texas, Policy C60100TX. In Virginia, Policy C60100VA.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999 | 800.992.3522
Continental American Insurance Company | Columbia, SC | 800.433.3036
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211 | 800.366.3436
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