Can You Have Two Life Insurance Policies? 
Yes , you can have two or more policies , as long as you qualify financially for the total amount of coverage . Some mixed families take out two policies , rather than have their biological children and stepchildren have to split the same policy proceeds . Or , they take two policies so their divorced spouse has a different policy than their current spouse . Those who own business policies may need to keep them separate from personal policies for tax reasons . Sometimes having two policies is better than one , because the death benefit will be covering two completely different types of needs . E.g. . You might want a small policy to cover your funeral expenses , which would necessitate some type of permanent insurance . But you might also want a larger policy to pay off your mortgage , and 10 year Term -LRB- which usually costs much less than Whole or Universal Life -RRB- may be a much more economical choice for that particular need . 