You can have more than one
Different people have different personal and business financial situations, so there could be many reasons to have more than one life insurance policy. I have lots of insurance connected to our estate plan, our business and different kinds of things. Most life insurance companies will only write so much in coverage for one person, so when this has been the case, I just went to another carrier for additional coverage.
Also, some people buy more than one life insurance policy just to feel secure from a provider standpoint. If one insurance company goes out of business, they'll still have another policy – or more – in place. That's not usually a big problem, though, since the majority of insurance companies have insurance to back them up with the state or are very financially stable. – Dave
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