Page Reviewed / Updated – May 12, 2022

Yes, technically there’s no rule or law that prevents seniors from obtaining more than one life insurance policy. Many people choose to apply for and secure multiple life insurance policies to protect themselves in the event that a life insurance company goes bankrupt (which is unlikely) or because they realize they need more coverage as they get older. In most cases, insurers only look to see if the final benefit amount isn’t 15-20 times over the applicant’s current income.

Should You Purchase Hybrid Life Insurance?

For seniors who only have basic Medicare and are worried about long-term care costs down the road, it may be wise to purchase a hybrid life insurance plan to supplement their current life insurance. This plan serves as a death benefit and a long-term care policy. If a person needs long-term care, their death benefit will be reduced, but if they perish before long-term care is needed, then their beneficiary will receive the money. These premiums can be costly but are a great way to protect seniors from high health care costs. 

Does Layering Life Insurance Make Sense for Seniors?

Layering life insurance, also referred to as laddering, is not always a logical choice for seniors. This strategy is used by younger adults who layer term plans to match milestone points in their lives when debt reduces, changing their insurance needs. 

That said, seniors who can only obtain small life insurance plans because of health issues may consider combining several policies to increase the beneficiary payout. However, this will also result in higher premiums, decreasing the overall value of the eventual payout. 

It makes more sense for seniors to add riders to existing life insurance plans if they need to increase coverage. Riders are usually cheaper than a brand new premium, and, most of the time, they don’t require a new medical screening, which can be the most difficult aspect of applying for life insurance as a senior. 

Eldercare Financial Assistance Locator

  • Discover all of your options
  • Search over 400 Programs