Term insurance has helped many families stay afloat and live a dignified life after the demise of the earning member. Term insurance ensures financial security and can provide a high sum assured at an affordable term plan premium. However, a lot of people are in dilemma of how much is too much and how much is adequate while picking out a cover for their term policy. One can even buy as many term plans as you need with no restrictions, but the question is - can having more than one term life insurance policy help?
Having more than one term life insurance policies can help in the following situations:
If your claim gets rejected by one insurer: In case, for some reasons, the nominee’s claim gets rejected (this may happen for variety of reasons like incomplete paperwork, submitting inaccurate information on your health history, a poor claim settlement ratio of the insurer), then having multiple term plans can offer your loved ones more protection. With multiple life insurance claims, at least one is bound to come through and aid your family in the future.
If your plan does not allow you to increase your cover with changing life stages: Most of the people buy a term policy when they are young because the premiums are the lowest for younger people. However, at that stage they might not be married or have children and as they grow older, get married, and have children, they might require a higher cover. If your plan does not allow you to increase your cover, you can consider buying another life insurance plan.
When you find a plan with better benefits: Not all term plans offer additional features like riders. A few plan may give optional benefits like the critical illness rider which means you can also get your health insurance under your term plan. If you do not find such an option in your existing term plan, you can buy another one.
Having more than one term insurance plan can offer you the benefits like increased security, more money for your family members and peace of mind! Not sure which term plan to buy or what all your plan you own offers? Call us at 9818510748 and one of our experts will be happy to help you.
We are sharing this video from a stalwart of world insurance industry to understand why you need life insurance!
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