In fact, you can own several life insurance policies at one time.
If you need the coverage and your income or financial situation justifies the amount of coverage you need, you can have several policies.
However, the shortest term for a life insurance policy may be either one or five years.
So, you could buy an annually renewable term life insurance policy and choose to renew it each year, but your premium would increase every year you renew the coverage.
Or, you could buy a new policy each year, or however often you have a need for life insurance. Learn more about short-term life insurance coverage.