The person wants the maximum quantity in all things. Whether they are clothes, accessories, cars, gadgets etc., no person is satisfied with one of the things. This is why people buy many insurance policies, both in health and insurance policies. Where it is argued that with each new policy the premium outgo increases. Despite this, finding a single plan that has all the features is very difficult. Some plans will get many features and in others will be different from that. Due to this, no investor is able to choose and buys more than one life or health insurance plan.
This question arises, is it right to invest in many plans? The answer is simply yes because having more than one insurance plan helps in many ways.
Adequate coverage and economical
Experts have always insisted on getting adequate insurance for themselves so that the amount is sufficient in every possible event. The amount of both life and health plans should be according to the investment requirement. However, it is difficult to take such coverage because the premium for higher insurance amount is also always higher. It is best to buy small plan plans gradually in your life so that you can make a strong cover and the coverage remains affordable. Health plans can also be improved with good top-up plans. Or if the employer has provided health coverage, it can be improved from other customized plans for more comprehensive coverage.
By buying a small policy, you will have to pay a lower premium than the premium for a policy with a higher insurance amount.
Better chance of claim settlement
The insurance companies reject the claim if they find any discrepancy in the proposal form. If this is not done in full, the claim is partially rejected and only a few percent of the entire claim is paid. Having multiple plans does not risk the rejection of the entire claim because if one insurer does not settle the entire claim and the other makes some part of the claim, then the policyholder is not at a loss.
It is difficult to get all the features in a plan. Competition in the insurance market is continuously increasing and insurers are bringing unique benefits to attract investors. So everyone is offering something new and you have the option of taking advantage of comprehensive coverage for your life and health.
Risk / Liability Reduction
If the policyholder wants to reduce their liability in the future, they can do so by keeping some policies and cancelling the others which are not needed.
Article By: Manoj Aswani, co-founder, COO, MyInsuranceClub
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