However, when you apply for a new life insurance policy the application will ask if you own any other life insurance policies and how much coverage you have from each of the existing life insurance plans you currently own.
The insurance company asks about your existing life insurance to determine if you are over-insured. The insurer doesn't want to give you a reason to kill yourself if you have a lot ore life insurance than you need.
And, since life insurance policies do have a 2 year suicide exclusion, life insurance would pay out on a suicide claim after the insured person is insured by the policy for 2 years, one year in some states like Colorado.
But, life insurance companies may allow you to insure yourself for up to 10-20 times your annual income depending on your life insurance needs, and the insurer's guidelines for coverage.
As long as the total amount of life insurance does not exceed the insurer's limits, you can own more than one life insurance policy.
Learn how you may qualify to buy up to $500,000 of term life insurance with no exam required. If you qualify, you may start your life insurance the same day.