What is the maximum aggregate amount one owner can hold in several non-group life insurance policies?

The maximum aggregate amount one owner can hold in several non-group life insurance policies is set at $5,000,000. This limit applies to individual ownership of life insurance policies outside of group insurance plans, ensuring that a single owner does not excessively concentrate their life insurance coverage in a single or multiple policies. This regulation helps manage the risk for insurers and maintains a standard balance in the life insurance market. Adhering to this limit is important for both policyholders and insurance companies, as it promotes fair underwriting practices and helps to mitigate potential financial exposure.