Know why buying more than one life insurance policy is a profitable deal

Life insurance means that on the death of the person who bought the insurance policy, his dependent gets compensation from the insurance company. There is no doubt that life insurance is an important thing that everyone should do. & nbsp; 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 just one life insurance.

Why buy more than one policy

  • If you have more than one life insurance, you are less worried about getting the insurance claim rejected
  • If one company rejects the claim due to any reason, then claim the other company. Funds are available.
  • An additional insurance policy can also be purchased keeping in mind the loan taken along with the home loan.
  • As the income of a person increases in life, the responsibilities also increase. . Keeping in mind the increasing responsibilities, more than one insurance policy should be purchased.

When buying a new policy, keep these things in mind

  • When buying a new life insurance policy, the insurance company has to give information about all the existing life insurance policies.
  • Documents related to its income will also have to be given to the company. This will explain why you are buying an additional policy.

In this case the application may get rejected

  • The application to purchase your new insurance policy can also be rejected.
  • The insurance company does this when the value of a person’s life is more than the value of all his insurance. < / li>
  • 20 times the annual income of a person is considered as the basis for the value of life.

Policy Management

  • Keep all your policies active. Pay premium regularly on time.
  • You will also have to keep the nomination updated. You will have to make changes if necessary.
  • If you have more than one life insurance policy, you can take e-insurance account help. This will give you easy access to all your policy information.
  • If there is more than one policy, family members must know about the insurance amount and the nominee of each policy.
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