Can we have multiple insurance policies at the same time in Quebec?

Can we have multiple insurance policies at the same time in Quebec?


Life insurance is a financial product that gives you financial protection (your estate) at your death.

Your inner circle (spouse, parents, children, close friends..) would receive financial benefits in cash when you pass away.

The policyholder can also get financial protection for a number of years or up to a certain age if he is still alive.

Some individuals who have lost their jobs and the group insurance from their employment can keep life insurance on an individual basis to maintain coverage.

Some people would want to obtain pertinent coverage for each phase of their lives.

They may be wondering whether it is possible to possess multiple life insurance policies and receive multiple indemnities or maybe they think only one insurance will be sufficient for their needs.

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Is life insurance cumulative?

First and foremost, establish the amount that you can allocate for monthly premiums before you buy your life insurance policy.

The premiums are your payments to the insurer to take out a life insurance policy.

If you own two different policies, premiums are collected for each individual policy.

For example, if you have a 20-year term life insurance for $75,000 that costs you $14.75* per month and you buy universal life insurance worth $200,000 with a premium of $51.85 * monthly, your financial obligation to insurers is now $66.60 in total.

*these prices are just examples.

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These premiums change for each person based on their gender, age, in good health or not, the chosen term, and type of life insurance.

The desired amount of insurance also affects the amount of the premium to be paid. The premium also varies depending on the type of life insurance you choose. Term life insurance protection will give you temporary coverage while permanent life insurance is for lifetime coverage (until your death).

The premiums are due at the time prescribed by the insurance agreement (contract). You can catch up with the payment of your premium up to 30 days (excluding the initial premium that needs prompt payment.) Once this period has passed, your contract is automatically canceled.

There is a possibility to revive your contract if it was canceled due to unpaid premiums. Your insurer is the best authority to answer any questions about this so get in touch with them.


The answer is « yes » ! You can subscribe to more than one life insurance policy in Quebec.

However, beware !  It is not always in your best interest to accumulate multiple protections. In shopping for insurance, you can find a more economical offer that combines all the benefits of multiple policies for a lower price.

Don’t pay a fortune for your protection when only one policy will suffice. Consult a financial security advisor or life insurance broker to make the right choice.


A network of partner brokers at your disposal to help you make the right choice

This free online platform brings together consumers and professionals (our broker partners).

When one of our partners receives your information (provided in the form on this page) he will assess the life insurance solutions that are available in the market and come back to you with a quote tailored to your requirements.

It won’t cost you anything to try! You could save money from the comfort of your own home!

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