Can You Have Two Life Insurance Policies? 
Yes , you can have two life insurance policies if you are financially qualified to have that total amount of coverage . When you apply for a new policy , the insurance company will ask about your existing life insurance , and whether or not you plan to replace it . They are not asking this to disallow you to get a second -LRB- or third or fourth or fifth -RRB- policy . They are just checking to make sure that your income justifies the amount of life insurance you are getting , and also to prevent unscrupulous agents from taking advantage of you by having you replace valuable policies with inferior ones . 