Can A Person Have Multiple Life Insurance Policies? 
Yes , many people have multiple life insurance policies ! Some people start at a younger age and purchase a smaller policy then at later stages in life purchase additional policies . Sometimes a whole life policy may be `` layered '' with one or more term policies . That is usually because more insurance is wanted or needed for a limited period of time while for example there is a mortgage obligation . Also as a whole life policy continues in force , and it 's issued by a `` participating '' mutual company , the value of the death benefit , -LRB- amount of insurance -RRB- may grow . So in that case the value of the whole life policy will have grown to a value where upon the termination of the additional term policy is no longer needed . 