No, there is no law limiting the number of life insurance policies you can own to just one.
Life insurance companies often provide more than one life insurance policy to an individual or family, to meet their specific life insurance needs.
In fact, many people own a term life policy and a whole life insurance policy.
There are several different types of life insurance policies available to meet many different needs for individuals and families.
For example, many people buy a term life insurance policy to meet their short term needs of 30 years or less, and also buy a permanent life insurance policy to provide them with guaranteed lifetime protection.
So, yes, you can own more than one life insurance policy.
To learn more, please read this article: "How many life insurance policies can you have?"