Yes, You may have more than one term life insurance policy. No limit exists on how many policies you may have. Your goals, income, assets, liability and responsibility may all affect how much term insurance makes sense for you. Ultimately your budget will dictate how much you can afford. Your health, age, lifestyle and insurability will be the factors that affect what premium you qualify for.

Term life insurance policies exist for a defined amount of time (10, 15, 20 years...). For example: let’s say you currently owe $100,000 on your home mortgage and have 20 years left on that mortgage. In case you do not not survive for 20 years it would be wise to have a term policy in place for twenty years for $100,000.