If you plan to buy a life insurance policy, then buy more than one, know why?

Shivam Bangwal September 27, 2021

1 minute read

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Life Insurance: There is no doubt that life insurance is an essential thing that everyone should get. A person can buy more than one life insurance policy from different insurance companies. But here the question arises whether a person should take only one life insurance policy in his life. Today we are going to tell you why it is not right to take only one life insurance.

Why buy more than one policy

If you have more than one life insurance, then you are less worried about the rejection of the insurance claim.

Even if one company rejects the claim for any reason, then the claim amount is received from the other company.

An additional insurance policy can also be purchased keeping in mind the other loan taken including the home loan.

As the income of a person increases in life, so do the responsibilities. Keeping in mind the increasing responsibilities, one should buy more than one insurance policy.

Keep these things in mind when buying a new policy

When buying a new life insurance policy, information about all existing life insurance policies has to be given to the insurance company.

The documents related to your income will also have to be given to the company. This will explain why you are buying additional policies.

In this situation the application may be rejected

Your application to buy a new insurance policy may also get rejected.

The insurance company does this when the value of all its insurance exceeds the value of the person’s life.

For the value of life of a person, 20 times of his annual income is considered as the basis.

policy management

Keep all your policies active. Pay premium regularly on time.

You also need to keep the nomination updated. You will have to modify it if necessary.

If you have more than one life insurance policy, you can take the help of e-insurance account. This will give you easy access to all your policy information.