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Human beings have a lot of desires when compared with any other creature on this earth. So, one is not enough for them even when it comes to clothes, gadgets, motor and other things. This very instinct of people to get comfortable under all sorts of conditions is the reason of purchasing more than one insurance policy be it life, heath or general insurance. The major reasons behind this inclination towards multiple things are the growing and varied needs of the people. In this world full of uncertainties, we need to safeguard ourselves. For this we need comprehensive covers that help us to protect from numerous uncertainties.
However, there is an increase in the premium with an addition for every single plan and thus the composite nature further is quite difficult to deal with. You will come across various plans that offer definite features whereas there are others plans that cover varied and unique features.
This is the reasons why investor does not have many choices but to end up purchasing multiple life as well as health insurance policies. In this article, we will figure out the answer to the question that whether it is right to invest into more than one insurance policy. The answer is simply ‘yes’, the reason behind this is that opting for multiple life insurance plans is quite beneficial as they offer several useful features.
Let’s find out!
The favorability and affordability of the plan – Experts all the time lay emphasis on insuring oneself satisfactorily such that the sum is enough to cover in case of any possible event. Pick out the life and health insurance plans that are of quite suitable amount that can be meets the requirements of the insurance taker. However, the point that we need to remember that opting for a high Sum Assured is difficult as such policies have high premiums. The best way to build a tough life cover is to buy small plans as the premiums payment is less thus making them affordable. Therefore, then it becomes quite easier to get the coverage. Along with regular health plans you also have good riders or top-up plans that support your health coverage. So, you can supplement your plans with any other customized plan or can opt for a comprehensive one.
Easy claim settlement process – There are many cases when the life insurance companies reject claims if they discover any irregularity in the proposal. Moreover, there are times when the company does not reject the claim completely, but partially rejects it. Consequently, the policyholder receives only a percentage of the original sum. This is where having multiple claims help you to get the desired claim and you do not have to worry about the rejection.
A comprehensive policy – It is hard to get all features in one plan. In this cut throat competitive world, competition in the insurance sector has grown. This is the reason insurers are coming up with exclusive benefits in order to attract new users. As every different policy offers something new, therefore opting for several properties will help you to get a comprehensive coverage for your life as well as health.
Handling the diverse risk/liabilities
If the policyholder needs to cut down his or her liabilities in the coming future, then he can do so by canceling the ones he does not requires and keeping the ones he needs.
Final Thoughts!
We know the fact that we must not keep all our eggs in one basket likewise this is applicable on the insurance investment as well. It is advised to purchase multiple plans so that you pay a favorable and affordable coverage amount and this further helps you to make your claim experience look positive. Before purchasing a plan make sure that the policy offers the best features as well comprehensive coverage.
