Many people will have a life insurance policy, and then have a second one that is part of their benefit package through their employer
It is entirely possible to own several life insurance policies, but the insurance companies will limit the amount of life insurance coverage that you can be insured for.
The insurance companies will not allow you to insure yourself for the purpose of making your beneficiaries rich, but they will tie your total amount of life insurance coverage to your income.
In addition, your need for life insurance may change throughout your life, as you add responsibilities, such as, getting married, starting a family, or buying a home.
Some life insurance companies may limit your total life insurance coverage to 10 to 20 times your annual income. However, the limit of total life insurance may vary by insurer.
Learn more about how many life insurance policies can you have.