Why you should have multiple Insurance policies?

Multiple Insurance policies

multiple insurance policiesLife is quite uncertain, and it is very important to protect yourself and your family from any unpredicted event. For this situation, having an insurance cover is the most important decision that a person takes in his life. Multiple Insurance policies are an option that will surely help you to handle all of the unanticipated situations in your life.

According to some experts, it is very important to have multiple insurance plans with you than just relying on one plan only. You can even opt for life insurance cover as it comes up with both Investment and life insurance advantages.

Here are the few reasons as to why you should go for multiple insurance schemes:

1.Be careful about Claim Rejections: You must be on the safer side to protect your policy from being rejected. You can avoid rejections of your insurance by providing the correct information about your health to your insurer and by undergoing regular health checkups.

According to a New Delhi-based financial planner, Jitendra Solanki, having multiple policies is more beneficial because if your claim gets rejected by one insurer; it might get accepted by other insurers. You must get a sigh of relief that your sum is not lost.

2.Availability of Different Maturity Schemes: Different insurance companies offer different insurance schemes that are suitable for people. If you plan to buy an insurance policy of 40 years, the chances of loss occurrences are much higher in the coming future. If you buy multiple insurance cover, your liabilities will change and will help you in all stages of life.

3.Multiple Insurance policies will help you in fetching something: It is time to get smarter. If you have multiple Insurance Plans, they will help you to fetch more than a single insurance plan. If you opt for a large insurance cover, it is commendable to opt for at least two insurance companies to guarantee diversification. However, the new company will definitely ask for the documents of the existing insurance cover you possess.

4.Other options available from Term Plan: If you are planning to discard your ULIP or your endowment policy someday, you must drop that idea. As you will have to face major losses because you have surrendered high values in the initial years of these policies.

It is not advisable to drop or discard all of the previous plans as it involves huge financial loss. According to a financial expert, insurance policies involve long term reward and high costs in the beginning years of the policy.

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