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How many term life insurance policies can you have?

Wanted to know if you could have multiple without it being a problem upon a claim.

Public Comments

1. You can have as many as you can get an insurance company to issue. However, you pay an admisitrative fee for each policy, greatly increasing your cost and defeating the main benefit of term insurance. My suggestion as an insurance man is to find a single plan with a company that issues a term competitive universal life plan. As you needs evolve, you can add coverage or reduce it, and you can also convert it to permanent coverage if you would care to do so.
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3. Not a problem. Lots of people have more than one!
4. You can buy as many life insurance policies as you want - as long as you answer the application questions truthfully for your policies, there should not be a problem. I do believe the insurance company does ask if you have other policies, with which companies, and for how much coverage. They want to make sure you aren't buying them to prepare for dying soon - remember, suicide is excluded in the policy if it occurs within the first two years you own the policy (one year in some states). As long as you meet the requirements of answering the application questions honestly there should be no problems. However, make sure to review all exclusions listed within the life insurance policies and contact your insurance company if you have any questions. I hope that helps! Best of luck to you. P.S. - One type of policy some people purchase online is term life insurance with no physical exams. It may be more expensive, but you can apply online and get approved in minutes, if qualified - and there's no exams. To learn more visit http://www.term-life-online.com/term-life-insurance-no-exam.html
5. you can have more than one. but during the application stage, the agent will ask you how many existing policies you have and the total sum insured & premium At time you may require to fill up "Large Amount Questionaires" if the sum assured is too high. Insurer need to make sure 2 things 1) You can afford to pay the premium 2) You have good reason to have such a high coverage. If your health condition is Ok and you can afford the premium they will accept it. Once you get the policy, there will be no issue for a claim. Unless the cause of claim falls in their exclusion list. (read the policy & understand the exclusion clauses)
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