Can You Have Two Guaranteed Life Insurance Policies?

Key Takeaway

If you choose to have multiple guaranteed life insurance policies, you should expect to pay for each policy separately.

Having multiple life insurance policies can be beneficial for major life events, estate planning, long-term care, and financial planning.

You may see a wide range between the highest and lowest premiums available to you, depending on your age and health conditions when you apply for a particular policy.

Managing multiple policies can make your insurance approach more complicated, especially if you are using multiple policies as an investment tool.

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Can You Have Two Guaranteed Life Insurance Policies? Air-balloon representation of policies
4/19/2024

Whether you are looking for guaranteed acceptance life insurance (also called guaranteed issue life insurance) or universal life insurance, it is possible to have multiple life insurance policies. Many policyholders opt for multiple life insurance policies– guaranteed acceptance life insurance included– as a way to supplement many end-of-life expenses, such as medical bills or funeral expenses.

Not all life insurance policies are the right fit for your unique needs and goals. For example, many policyholders prefer guaranteed versus non-guaranteed life insurance because they enjoy consistent premiums and a guaranteed death benefit.

In this article, we’ll discuss the benefits of having multiple life insurance policies as well as who can benefit from them.

Multiple Life Insurance Policies: What You Need to Know


Traditionally, individuals apply for life insurance policies as a way to leave a legacy or support their loved ones after they pass away. While there are no restrictions on how many life insurance policies an individual can own, it’s important to accurately gauge your expected income level and assets to make sure you can pay for multiple premiums.

Guaranteed acceptance life insurance policies generally have higher monthly premiums because these insurance policies don’t require a health exam. These products, in turn, can be easier to obtain, but can have potentially cost-prohibitive premiums.

Your premium for each guaranteed life insurance policies will remain consistent. It will not fluctuate like other permanent life insurance products can. This can make budgeting for monthly premium expenses easier, but not necessarily more cost-effective.

A guaranteed life insurance policy typically has a maximum death benefit of $25,000 because these products are optimal for policyholders who struggle to get accepted by other life insurance products. By having multiple guaranteed life insurance products, you may be able to pass on more money to your beneficiaries, depending on the terms and conditions of your policy.

Who Should Consider Having Multiple Life Insurance Policies?


Many guaranteed life insurance policyholders have difficulty obtaining other life insurance policies due to medical conditions. Because there is usually no medical evaluation with guaranteed acceptance life insurance policies, guaranteed issue life insurance can be a great option for these individuals who may need financial assistance with end-of-life costs, medical expenses, and more.

Additionally, these policies can be a good choice for those on a fixed income. Guaranteed issue life insurance policies maintain steady premium costs that are not impacted by changes in the market, making them more manageable in financial planning. Individuals can start with one guaranteed issue life insurance product, gauge the costs and impact on their accounts, and then choose to start a second policy.

However, the majority of guaranteed acceptance life insurance policies require applicants to fall within a particular age range in order to qualify. If you are in an older  age range, you may want to apply for multiple policies before you age out of that window.



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Guarantees are backed by the claims-paying ability of the issuing insurance company. 

The information above is for educational use only and does not represent insurance, tax or legal advice. It is not a recommendation or solicitation to buy insurance. Please talk to your licensed insurance agent for more information about life insurance and your needs. Please consult with the appropriate professional for tax or legal advice. Guarantees are backed by the claims-paying ability of the issuing insurance company.


Article Author: Meredith Bell
Author Bio: Meredith joined Everly in 2022 and has 20+ years of experience in the life insurance industry. She has held various roles in advertising, marketing, communications, sales and distribution support, and product development. Outside of the office, Meredith lives with her daughter Kennedy and their dog Mavis. Meredith enjoys cooking, camping, gardening, hiking, and bourbon (though not always at the same time). She is a live music enthusiast and an avid reader. Her favorite quote is by Thomas Jefferson: "I cannot live without books." Meredith agrees, but would add cheese, movies, and dogs to that list.

Policies are issued by Everly Life Insurance Company (“Everly Life”), Topeka, KS. Everly Life is not licensed in the state of New York and does not solicit or transact business in New York.

A.M. Best's 15 ratings are a measure of claims-paying ability and range from A++ (Superior) to F (in Liquidation). Ratings are current as of January 25, 2024 and subject to change at any time. While ratings can be objective indicators of an insurance company's financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company and do not apply to any underlying variable portfolios. The insurance agency from which a policy is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities, nor are these entities involved in any rating agency's analysis of the insurance companies.

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