Should I ever get both term and whole life insurance?

In some cases, it can make financial sense to have term and whole life insurance at the same time. There are not many restrictions about whether you can purchase multiple life insurance policies. Because of this, if your individual circumstances change, you may find it necessary to get additional coverage. For example, if you have a whole life insurance policy from when you were a child and then you get married, get a mortgage and have kids, you may find it necessary to purchase an additional term policy. This term policy would cover you while you have your biggest obligations.