Can I Have Two Life Insurance Policies? 
Yes . You may elect to have 2 different types of policies -LRB- maybe a term policy for the high death benefit and a whole policy for the cash value -RRB- . Some people purchase a combination of policies in order to get the type of coverage they are looking for . The insurance application typically wants you to disclose your ownership of a policy if you have one at the time you are applying for your second one . 