{"id":32217,"date":"2025-11-20T11:00:00","date_gmt":"2025-11-20T16:00:00","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/?p=32217"},"modified":"2026-02-03T15:21:03","modified_gmt":"2026-02-03T20:21:03","slug":"can-you-have-more-than-one-life-insurance-policy","status":"publish","type":"post","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/can-you-have-more-than-one-life-insurance-policy","title":{"rendered":"Can You Have More than One Life Insurance Policy?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Can You Have More than One Life Insurance Policy?<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2025-11-20T11:00:00-05:00\">November 20, 2025<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">11 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Lisa Jackson\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Lisa Jackson<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/more-than-one-insurance-policy.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A happy couple reviews their options for life insurance policies.\" style=\"object-fit:cover;\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/more-than-one-insurance-policy.webp 1074w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/more-than-one-insurance-policy.webp?resize=300,200 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/more-than-one-insurance-policy.webp?resize=768,512 768w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/more-than-one-insurance-policy.webp?resize=1024,683 1024w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/more-than-one-insurance-policy.webp?resize=412,275 412w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Can You Have More than One Life Insurance Policy? &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/can-you-have-more-than-one-life-insurance-policy\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/can-you-have-more-than-one-life-insurance-policy\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Is it legal to have more than one life insurance policy?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-is-it-legal-to-have-more-than-one-life-insurance-policy\">Is it legal to have more than one life insurance policy?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-why-would-someone-need-more-than-one-life-insurance-policy\">Why would someone need more than one life insurance policy?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-benefits-of-multiple-life-insurance-policies-in-canada\">Benefits of multiple life insurance policies in Canada<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-to-manage-multiple-life-insurance-policies-in-canada\">How to manage multiple life insurance policies in Canada<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-are-the-alternatives-to-buying-multiple-life-insurance-policies\">What are the alternatives to buying multiple life insurance policies?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-find-the-right-insurance-policies-for-your-needs\">Find the right insurance policies for your needs<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-faqs-about-having-more-than-one-life-insurance-policy\">FAQs about having more than one life insurance policy<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>You finally checked \u201cget life insurance\u201d off your never-ending to-do list and felt that little wave of relief knowing you\u2019re covered. Congratulations! But with the cost of living climbing and the <a href=\"https:\/\/www.theglobeandmail.com\/business\/article-canada-real-estate-housing-markets-charts\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-32217-42ddea22\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"real estate market reaching record highs\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">real estate market reaching record highs<\/a>, it\u2019s fair to wonder: can you have more than one life insurance policy to boost your protection? Is that even allowed?<\/p>\n\n\n\n<p>One policy might seem like enough, especially if that coverage is through your work. But most employer plans only cover one or two times your salary \u2014 likely not nearly enough to replace your income, pay off your home, or secure your family\u2019s future. That gap is why more Canadians are adding a second (or even third) life insurance policy for additional protection.<\/p>\n\n\n\n<p>So, if you\u2019ve ever found yourself asking,<em> \u201cHow many life insurance policies can I have?\u201d<\/em> \u2014 this guide is for you. We\u2019ll break down how multiple policies work, their benefits, and what to consider before deciding if it\u2019s the right move for you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Yes, you can have more than one life insurance policy in Canada. It can be a smart move to cover all your bases.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Each insurance policy can serve a different purpose: one for your mortgage, one for your family, or one for your business.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Having multiple policies means more to track.Do a yearly review to make sure your coverage still fits your life and budget.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>You can always add extra protection with riders, increase your coverage, or convert term insurance into a permanent plan.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-it-legal-to-have-more-than-one-life-insurance-policy\">Is it legal to have more than one life insurance policy?<\/h2>\n\n\n\n<p>Yes, it\u2019s completely legal to have multiple <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/what-is-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-32217-9e31cc2d\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"life insurance\" class=\"rbc-link-format\">life insurance<\/a> policies in Canada. There\u2019s no limit on how many you can hold.<\/p>\n\n\n\n<p>It\u2019s not uncommon for Canadians to top up their coverage to ensure their families are protected even if they change jobs or retire.<\/p>\n\n\n\n<p>If you\u2019ve got group life insurance through work and your own personal policy, you\u2019re already there.<\/p>\n\n\n\n<p>What matters isn\u2019t the number of policies, but whether your total coverage makes sense for your income, debts, and long-term goals.<\/p>\n\n\n\n<p>Would one insurance policy be enough to look after your loved ones if the worst happens? When you apply for new coverage, a licenced insurance advisor can help verify that your combined protection is reasonable and affordable.<\/p>\n\n\n\n<p><strong>Bottom line:<\/strong> Multiple policies are legal and they can be a practical way to ensure your coverage keeps up with your life.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-would-someone-need-more-than-one-life-insurance-policy\">Why would someone need more than one life insurance policy?<\/h2>\n\n\n\n<p>Holding multiple policies is not right for everyone, but here are a few situations where it can make sense:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. New stage and age<\/h3>\n\n\n\n<p>Big life milestones \u2014 buying a home, having kids, changing careers \u2014 often mean bigger financial responsibilities. The policy you bought years ago might no longer be enough coverage far enough today.<\/p>\n\n\n\n<p>Instead of replacing it, you can add another policy with a term or benefit that fits your current goals. In fact, taking out a few smaller policies could be cheaper than repeatedly bumping up the coverage on one big one.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Financial goals<\/h3>\n\n\n\n<p>You wouldn\u2019t use a screwdriver to hammer in a nail \u2014 and the same goes for insurance. Different needs call for different tools. One policy might <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/creditor-insurance\/is-mortgage-protection-insurance-worth-it\/\" data-dig-id=\"LP-LifeInsurance-32217-c0b6f2e2\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"cover your mortgage\" class=\"rbc-link-format\">cover your mortgage<\/a>, another for your child\u2019s education, and a third replace your income. Having separate \u201cbuckets\u201d of coverage lets you tailor protection to each goal, rather than forcing one plan to do it all.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Layering policies<\/h3>\n\n\n\n<p>Layering (or laddering) means stacking multiple term policies (like 10-, 20-, and 30-year terms) so your coverage decreases as your debts and needs of dependents do. It\u2019s efficient and often a cheaper way to protect yourself as typically term life insurance costs are less if you\u2019re young and healthy. The result? Strong coverage early on when life can be most expensive and lower premiums later as your responsibilities shrink.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Top up life employer insurance<\/h3>\n\n\n\n<p>Group life insurance is a great perk, but it usually ends when you leave your job. Plus, most plans only offer coverage worth one or two times your annual salary, which is rarely enough to replace your income for the next 10 to 20 years. Adding an individual policy ensures your protection follows you wherever your career goes \u2014 and that your family\u2019s financial safety isn\u2019t tied to your paycheque.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Mixing personal and business protection<\/h3>\n\n\n\n<p>If you own a business, one policy likely won\u2019t provide the protection you need. A personal policy can protect loved ones, while a <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/business-insurance\/\" data-dig-id=\"LP-LifeInsurance-32217-8b98e3e8\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"business insurance policy\" class=\"rbc-link-format\">business insurance policy<\/a> can secure loans, fund buy-sell agreements, <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/business-insurance\/key-person-insurance\/\" data-dig-id=\"LP-LifeInsurance-32217-192fa5b9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"cover the loss of a key person\" class=\"rbc-link-format\">cover the loss of a key person<\/a>, and help keep the company afloat.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Diversifying coverage<\/h3>\n\n\n\n<p><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences\/\" data-dig-id=\"LP-LifeInsurance-32217-e8462e4b\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Mixing the types of insurance policies\" class=\"rbc-link-format\">Mixing the types of insurance policies<\/a> can make your coverage more robust and flexible. For example, <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-term-life-insurance-2\/\" data-dig-id=\"LP-LifeInsurance-32217-0e2b7866\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"term life insurance\" class=\"rbc-link-format\">term life insurance<\/a> is ideal for short-term needs, like paying off a mortgage or protecting your family. <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/how-to-choose-best-whole-life-insurance-policy\/\" data-dig-id=\"LP-LifeInsurance-32217-93b1505a\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Whole life insurance\" class=\"rbc-link-format\">Whole life insurance<\/a>, on the other hand, stays with you for life and supports long-term goals, such as estate planning or leaving a legacy.<\/p>\n\n\n\n<p>Some people also spread their coverage across more than one insurer for an extra layer of reassurance. If one company were ever to face financial trouble, you\u2019d still be protected elsewhere. That said, Canada\u2019s insurance industry is tightly regulated, and insurer failures are extremely rare.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Leaving a legacy<\/h3>\n\n\n\n<p>How do you want your story to continue after you\u2019re gone? Multiple policies can help you shape your legacy \u2014 one for family support, a second for charity, a third for business continuity, and so forth. Life insurance is one way to protect, to give back, and help to pass on what you\u2019ve built for generations to come.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-multiple-life-insurance-policies-in-canada\">Benefits of multiple life insurance policies in Canada<\/h2>\n\n\n\n<p>Now that the reasons are clear, let\u2019s talk about the tangible benefits of having more than one policy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Flexibility<\/h3>\n\n\n\n<p><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-LifeInsurance-32217-1e0d412c\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Life insurance\" class=\"rbc-link-format\">Life insurance<\/a> is incredibly customizable. You can choose term or permanent coverage (or get both!), as well as add riders (extra add-on coverage) for things like a <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/discover-share\/health-insurance\/what-is-disability-insurance-ds\/\" data-dig-id=\"LP-LifeInsurance-32217-5e27ea14\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"disability\" class=\"rbc-link-format\">disability<\/a> or long-term care. Your coverage grows and adapts with you \u2014 more when you need it, less when you don\u2019t.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Increased coverage limits<\/h3>\n\n\n\n<p>Most insurers cap how much coverage offered under a single policy. Holding multiple policies, sometimes with different insurers, lets you build the total protection customized to you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Strategic financial planning<\/h3>\n\n\n\n<p>There are tax advantages that come with life insurance. The death benefit is usually tax-free, so your family gets the full amount. If you have whole life or universal life coverage, the cash value grows tax-deferred, and you can even borrow from it later \u2014 often tax-free up to what you\u2019ve paid in.<\/p>\n\n\n\n<p>It also gives your estate a cushion of ready cash, helping your family handle taxes or debts without having to sell the family home or other assets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Peace of mind<\/h3>\n\n\n\n<p>At the end of the day, life insurance isn\u2019t really about numbers \u2014 it\u2019s about reassurance. Knowing that your family could keep the house, maintain their lifestyle, or simply take time to grieve without financial pressure is a priceless comfort. Having multiple policies helps protect every part of your life.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-manage-multiple-life-insurance-policies-in-canada\">How to manage multiple life insurance policies in Canada<\/h2>\n\n\n\n<p>Holding more than one policy can strengthen your financial security, but it\u2019s also one more thing to manage. Here\u2019s how to keep it simple.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Track your policies like a pro<\/h3>\n\n\n\n<p>Keep your key policy details \u2014 premiums, terms, beneficiaries, and expiration dates \u2014 in one spot. Whether it\u2019s a spreadsheet, pen and paper, or calendar reminders, find a system that works for you. Missing a payment could cause a lapse in coverage, and forgetting renewal dates might leave you underinsured.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Align with financial goals and budget<\/h3>\n\n\n\n<p>Premiums can quietly add up. Checking in once a year or after major life changes with a licensed insurance advisor or financial planner to make sure your coverage still fits your budget and needs is a great way to make sure that you have the right amount of protection. Are there any gaps? Or are there policies you\u2019ve outgrown? A quick review can save you money and ensure your protection stays relevant.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Avoid overlapping coverage<\/h3>\n\n\n\n<p>More coverage isn\u2019t always better. Before adding another policy, take stock of what you already have and ensure each insurance policy serves a clear purpose. There\u2019s no need to double up on benefits that don\u2019t add real value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Work with a licensed insurance advisor<\/h3>\n\n\n\n<p>Between renewal dates, coverage limits, and premium schedules, managing more than one policy can feel like a juggling act. That\u2019s where licensed insurance advisor or broker can help.<\/p>\n\n\n\n<p>A good advisor will take the time to understand your needs, review your existing coverage, and make sure your policies truly align with your goals. They\u2019ll also help with updates, beneficiary changes, and even claims.<\/p>\n\n\n\n<p>If you\u2019re not sure where to start, RBC\u2019s <a href=\"https:\/\/silver.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html\" data-dig-id=\"LP-LifeInsurance-32217-d6290c6e\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"insurance advisors\" class=\"rbc-link-format\">insurance advisors<\/a> are licensed professionals who can walk you through the options (without the jargon).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Keep your loved ones in the loop<\/h3>\n\n\n\n<p>Even the best life insurance policy can\u2019t help if no one knows it exists. Store your policy details in a safe place and tell loved ones where to find the documents. It\u2019s a small step that can make a world of difference in the event your family needs clarity and comfort.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-alternatives-to-buying-multiple-life-insurance-policies\">What are the alternatives to buying multiple life insurance policies?<\/h2>\n\n\n\n<p>Not everyone needs several life insurance policies. Here are a few ways to enhance or expand coverage instead.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Add riders for extra protection<\/h3>\n\n\n\n<p>Riders are like adding pineapple to your pizza \u2014 it\u2019s already good, but a little extra ingredient can make it even better. These optional add-ons let you personalize your policy, so it fits <em>you<\/em>. Some of the riders you can mix and match to suit your needs include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Additional term insurance<\/strong> for short-term needs like a mortgage or loan;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Children\u2019s term rider<\/strong> for temporary coverage for your kids;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Accidental death benefit<\/strong> for extra payout in case of an accident;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Disability waiver<\/strong> to cover premiums if you become disabled.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Small add-ons, big peace of mind \u2014 sometimes at little to no extra cost.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Increase your coverage<\/h3>\n\n\n\n<p>If life\u2019s gotten bigger \u2014 new home, higher income, growing family \u2014 you may be able to boost your current policy without reapplying. Many insurers offer guaranteed insurability, meaning no new medical exam. For example, with RBC Insurance, you can exchange a Term 10 policy for a Term 15, 20, or 30 without updated health information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Convert a term life policy into whole life insurance<\/h3>\n\n\n\n<p>If you started with a term life policy but decide you want lifetime coverage, it\u2019s not game over. Many insurers let you convert your term policy into a permanent one (like <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/whole-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-32217-9321f4b3\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"whole\" class=\"rbc-link-format\">whole<\/a> or <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/universal-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-32217-5d1276e6\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"universal life\" class=\"rbc-link-format\">universal life<\/a>) without a new medical exam.<\/p>\n\n\n\n<p>Permanent coverage typically costs more but offers lifetime protection and can build cash value \u2014 a savings component you can tap into later. It can be a shrewd move if your health has changed or your long-term goals have evolved.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-find-the-right-insurance-policies-for-your-needs\">Find the right insurance policies for your needs<\/h2>\n\n\n\n<p>To recap, yes, you can have more than one life insurance policy. For many Canadians, it\u2019s a smart way to cover all the bases. It\u2019s not about having more insurance \u2014 it\u2019s about having <em>the right mix<\/em>.<\/p>\n\n\n\n<p>If you\u2019re not sure what that looks like, speak to a licensed advisor who can walk you through your options and find the coverage that fits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-about-having-more-than-one-life-insurance-policy\">FAQs about having more than one life insurance policy<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">What happens if you have more than one life insurance policy?<\/h3>\n\n\n\n<p>Each policy is its own contract with its own payout. Your beneficiaries can receive the full benefit from each if premiums are paid and policies are active. Insurers will help you make certain that your total coverage matches your financial situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What are the downsides of multiple policies?<\/h3>\n\n\n\n<p>The two main downsides of having multiple policies are cost and complexity. Each policy has its own premiums and terms, which means juggling everything takes time and organization. There\u2019s also the risk of over-insuring yourself and wasting money on coverage you don\u2019t need.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Can having multiple policies be a red flag?<\/h3>\n\n\n\n<p>Owning a few is fine. Applying for several new ones at once? That could raise questions. Insurers share limited info through the Medical Information Bureau (MIB) in North America to keep applications transparent. It can be better to work with a trusted professional who can help you plan the right coverage before you apply for multiple policies.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-10384-2de7ba0a\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Even with life insurance, life stages mean you need extra protection. Can you have more than one life insurance policy in Canada? Here\u2019s the answer. <\/p>\n","protected":false},"author":208,"featured_media":32219,"comment_status":"open","ping_status":"open","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[4],"article-type":[80],"ppma_author":[169],"class_list":["post-32217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-life-insurance","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can You Have More than One Life Insurance Policy? | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Even with life insurance, life stages mean you need extra protection. Can you have more than one life insurance policy in Canada? 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