Can A Person Have Two Life Insurance Policies? 
A person can have two or more different life insurance policies . When you fill out the application for the second -LRB- or third or fourth -RRB- life insurance policy , the application will ask if you have any existing insurance . The reason they do this is to ascertain the total amount of coverage you will have . While you can have as many policies as you want , there is a limit on the dollar amount of coverage , based on your income and assets . On an average , most people can get about 20 times their annual income in life insurance protection . 