The question of how many policies you can have is one that we hear frequently. The short answer is yes, you can have multiple policies. A better question though would be "how many life insurance policies should I have?"
It is possible to take out more than one life insurance policy on yourself, but if you opt for this route then care must be taken not to "over insure" yourself.
In South Africa, many people have more than one funeral cover. This is often a mixture of formal policies and informal burial societies. Many reputable insurance companies will pay less in cases where there is more than one policy, with different companies. Funeral policies do protect policyholders against financial hardships and the immediate expenses of funeral costs when someone passes away, whereas taking out life insurance goes beyond just covering the costs of the funeral and ensures that your dependents are provided for in your absence.
An established insurance company will discuss the best option for your needs, and make sure that your policy and cover amounts are sufficient enough to provide for all eventualities.
MiWayLife has solved the dilemma of feeling the need to 'over insure' yourself with multiple policies by offering a combined policy which includes both funeral and life cover. By consolidating all the life-related policies that you need into one affordable policy, MiWayLife cuts out the admin and financial strain that can come with holding multiple policies.