Since your life insurance needs change over time, you may find you need more life insurance coverage as you get older. That's one reason you may want to buy another life insurance policy.
However, it may be cheaper to inquire with your existing life insurer about adding more coverage to the life insurance policy you already own.
Also, you may want to compare life insurance plans to find a cheaper option after you have had life insurance for awhile. But never cancel an existing life insurance plan until you have your new life insurance policy accepted, paid for, and "In Force", if your goal is to replace an existing life insurance policy for a cheaper one.
And, you may find a need for a different type of life insurance policy to add to the one you already have. For instance, some people buy a permanent life insurance policy for their long-term needs, such as, final expenses, while buying a term life insurance policy for their shorter term needs of 30 years, or less.
The point being, many people own more than one life insurance policy from more than one life insurance company to meet their life insurance needs.
If you are approved for coverage and can pay the premiums, you can own life insurance policies from multiple life insurers. Here's how you can buy life insurance today if you qualify.