Purchasing life insurance is a great way to protect your spouse and children from monetary loss should something happen to you. The payments can help cover debts, living expenses, and medical or final expenses, as well as providing financial security.

But can you have multiple life insurance policies? The short answer is yes. You can have more than one life insurance policy and you can purchase them from the same or different companies. However, insurers may limit the total amount of coverage you can purchase. Typically, this limit is set between 20 to 30 times your annual income.

Here are some reasons that coverage under a single policy may not be adequate for your situation: