Is it illegal to have more than 1 life insurance policy?
No it is a good idea in case one fails or if you change jobs
No.
Answers:
no...
There is no limit to how many policies you can have. Each company goes through an underwriting process to determine the suitability of a product to the clients needs. When they look at that, they are looking to see how much money you make (can you afford it? is there a need for it?)
For example, you're 25 and you make $35k per year, typically a company will not approve you to have insurance of $5 million dollars. They will take into account all of your assets and what you are using the insurance for. They will also take into account any other policies you have in-force.
The most important thing I can tell you about applying for a new life insurance policy: DON'T LIE ON THE APPLICATION!!
nope
nope you can have as many as you want
NO....you can have as many as you want and you can have different beneficiaries for each one.
No, you can have as many as you like
No, it is not illegal to have more than one life insurance policy.
On your application, the life insurance company will usually ask you if you have other life insurance policies and how much life insurance you have. You want to answer all questions honestly on your life insurance application.
However, I believe there is no current law regarding how many life insurance policies a person can own.
not in the us.
No problem, as many as you want