When you apply for a life insurance policy, on the application, they ask if you have any other life insurance, from what companies, and in what amounts of coverage.
The insurers want to know how much life insurance you already own so you aren;t over-insured based on your income. If you are over-insured, this may give you cause to end your life at some point in the future.
Life insurance policies usually exclude suicide the first two years you own your policy, one year in Colorado.
However, other than being over-insured, life insurers do allow you to own more than one life insurance policy if it meets your needs, and is inline with the insurance company's guidelines.
Here's how you can learn more about how many life insurance policies can you have.