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Even though everyone is aware of the importance of life insurance, the required amount of coverage is often neglected. With changing times, your financial needs and goals are more likely to change, and that is why you should be more vigilant while choosing your life insurance policy.

In fact, to keep up with the pace of life, there may come a time where a single policy is no longer able to meet your financial needs and you'll be needing multiple life insurance policies. 

Yes, you heard it right. You can surely own more than one life insurance if in case you feel that one policy is not enough to meet your family's financial needs (once you are gone). Fortunately, there are no legal limits as to how many life insurance policies you can own.

Why Should You Get Multiple Life Insurance Policies?

If you are sure that your financial responsibilities are going to increase in the future, then you should definitely consider getting multiple life insurance. Let's take the example of a ‘Bachelor Boy’ who just started working in an MNC. He buys a life insurance policy that has a low premium because of his younger age.

After 6-7 years, when that boy gets married and plans to start a family, his sum assured under the existing insurance policy may not be sufficient to protect the family’s financial needs.

In such a situation, there are two options: either close the existing policy and opt for a new one with a bigger sum assured or another insurance with a smaller sum assured and keep the existing one running.

The problem with the first option is that the new insurance will cost more premium because of the age factor. And in the second case, though buying other insurance will cost you a little more, your existing policy will remain valid and you will enjoy the benefits of both the policies. 

Advantages of Having Multiple Life Insurance

  1. Rather than buying a policy (with a policy tenure of 20 years), you can opt for multiple plans with different maturity periods. This way you can cope up with the changing needs at different life stages. For example, instead of going for a life cover of 50 lakhs for 20 years, you can break it into two smaller ones of Rs. 20 lakhs for 5 years and 30 lakhs for 15 years.
  2. You can buy multiple policies from different insurance companies. In this way, you can ensure that you might get some good returns from other insurance companies if in case one life insurance company is unable to generate that.
  3. It is true that sometimes claims do get rejected. Thus having multiple policies will ensure that even if the claim is rejected by one insurer and accepted by another one, your family is financially protected.
  4. Different insurance companies have different benefits and advantages. Therefore, by choosing multiple insurance companies, you will be entitled to all of them.

Things To Keep in Mind While Opting For Multiple Life Insurance

  •  While buying an insurance policy, do ensure that you are neither under-insured nor over-insured. This is because staying under-insured can expose your family to financial risk, whereas policy (worth more than 10 to 20 times your annual income) and premium can put a dent in your wallet. 
  • Don't forget to check the claim settlement ratio and prefer a company with a higher claim settlement ratio.
  • Always get a clear idea of what you need, and research thoroughly if the other policies are offering you the required benefits. 

There are numerous life insurance policies in the market. Keeping in mind your family’s financial needs, you can decide whether you want to opt for one or multiple life insurance policies. 

Naval Goel is the founder of He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of Insurance Web Aggregator.
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