Can you buy multiple life insurance policies?

Yes, you may be able to buy more than one life insurance policy.

Life insurance companies ask on the application if you own other life insurance, and if so, how many policies and for how much life insurance?

The reason life insurers ask this question is to determine if you are over-insured, as this might be an incentive to end your life so your family would receive the life insurance. In most cases, life insurance policies have a 2 year suicide exclusion clause, which varies by state.

However, there are life insurance companies that offer you life insurance even if you own other life insurance policies.

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