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Can I Have More Than One Life Insurance Policy?


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Yes, you can have more than one life insurance policy. In fact, purchasing separate life insurance policies allows you to cover specific financial responsibilities in a more organized manner. And because your financial needs may change over time, it can be beneficial to purchase term life insurance policies with different end dates and pricing structures.

If done correctly, taking out multiple life insurance policies[1] can even mean cheaper monthly premiums and coverage tailored specifically to your needs in each stage of life. 

Here are some reasons you may choose to have more than one life insurance policy: 

  • To account for your loss of income when you pass away and to provide financial protection to your family
  • To cover debt or loans, such as a mortgage or car note
  • To provide financially security to a business partner and enable your business to continue uninterrupted after you die
  • To cover potential inheritance tax liability against your estate

Term life insurance policies

Because term life insurance only pays out if the policyholder’s death occurs during the term of their coverage period, policy premiums are generally lower than whole life insurance. This makes it easier to afford multiple term life policies than whole life policies. There are several types of term life policies to choose from with AIG Life Insurer Companies, depending on your needs. 

  • Level term life insurance. This type of policy guarantees you the same premium throughout the entire life of the policy, making it easier to budget.
  • Renewable term life insurance. Ideal for short-term needs, this policy can be renewed each year for a certain length of time. The premiums increase over time relative to your age.
  • Return of premium (ROP) life insurance. Premium rates are usually higher than other term life policies, but you are guaranteed a refund of your premiums when your term period is up, assuming you outlive the policy.
  • Convertible term life insurance. This option allows you to exchange a term contract for a permanent one within a specific time frame, offering greater flexibility than most term policies. 

Get your free life insurance quote now

Layering multiple policies allows you to cover different needs at one time and ensures your financial responsibilities are covered in every stage of life. And because life insurance premiums largely depend on your age and health conditions, it’s generally better to purchase your policies together, and early on.

Ready to learn more? Get a free life insurance quote today by calling 800-390-3019.

[1] Source:


Agency services provided by AIG Direct Insurance Services, Inc. ("AIG Direct"), CA license # 0B57619 and AR license # 0100105378, a subsidiary of American General Life Insurance Company ("AGL"), Houston, TX and an affiliate of The United States Life Insurance Company in the City of New York ("US Life"), New York, NY, all members of American International Group ("AIG").
Policies issued by: American General Life Insurance Company (AGL), Policy Forms: ICC15-15532, 15532, 15532-5, 15532-10. Rider Numbers: ICC15-15200, ICC15-15201, 15200, 15200-10, 15200-35, 15201, 15201-9, 15201-10 and 15201-35except in New York where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Number: 15532N. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG).
Products may not be available in all states and product features and rates may vary by state. Guarantees are backed by the claims-paying ability of the issuing insurance company. Each issuing insurance company is responsible for financial obligations of their respective insurance. For all companies mentioned, their financial professionals and other representatives are not authorized to give legal, tax or accounting advice. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.
AGLCXXXXXX  ©2018 AIG. All Rights Reserved.


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