Does it make sense to have multiple insurance policies?

Does it make sense to have multiple insurance policies?

The obvious fact  is that variety adds spice to things.  Be it our wardrobe, food or just about anything and everything, it is really beneficial to have multiple variants. Similar principles do apply when purchasing insurance which drives our investments. Beneficial and inevitable as it is, there are many, who simply are not aware of the same. Or, possibly, we consider availing multiple policies just to increase investments or to save tax!!

Being backed with the right reasons, owning multiple insurance plans can be a wise move. Learn more about insurance and find the best with PravasiMoney.com. Note the following about two most popular insurances:

Life insurance

  • Policy to meet every need: Different policy types exist in Life Insurance, catering to different needs, for which reason multiple plans are quite relevant. Term insurance policy can be helpful for income replacement, while the child’s future is secured with a child plan; retirement corpus can be built up with a pension plan and wealth creation with with multiple plans. Therefore, it is necessary to have the right and balanced combination of these to ensure appropriate goal focused planning and implementation.
  • Syncing financial, premium and coverage objectives: For compensating loss due to premature death, proper coverage is essential. Moreover, premium affordability and meeting financial objectives are also to be taken into consideration. Although term plan is found to offer good coverage and is affordable, it does not provide for retirement corpus, nor for a child’s future or for investment goals. Hence, a child plan or pension plan may be the right solution for supplementing one’s insurance needs.

Health insurance for all your needs

  • Comprehensive coverage: Although comprehensive coverage option is provided by the health insurance plan, when it comes to offering specialized coverage features, it may fall short. Daily Hospital Cash plan or Critical Illness plan offers such specialized coverage, thereby supplementing coverage options.
  • Affordable premiums and optimum coverage maintenance: With medical expenses going sky high, it becomes important to ensure comprehensive health insurance coverage. With any regular health insurance plan, it is not possible to afford high coverage. Therefore, a better option would be to have super top-up or top-up plan along with regular health insurance plan, since it affords providing higher coverage at lower premium rates.
  • High value easy claim settlement: Multiple plans can prove to be a savior, when faced with high claim value. If the coverage of a plan is exhausted, then the other one can be used for settling claims.
  • Higher chances to get claim settled: There are times when claims may not be settled in time. If one company is not in a position to make claim settlement process, thereby rejecting your claim either partially or fully, then another company that protects you may be approached for having the claims settled. It does increase claim settlement chances which may otherwise get jeopardized.

As far as insurance is concerned, the more is definitely better. It is beneficial to own multiple plans and hence, you should invest in multiple plans. In case, you face financial constraints, then develop slowly your portfolio to enjoy the benefits, lower premiums, comprehensive coverage, financial goal fulfillment, including complete insurance portfolio.

 

For more on Insurance, to compare plans or find the best, visit www.pravasimoney.com

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Pravasimoney is a online portal which supports and do services related to major banking, insurance, saving and real-estate services. We do Service on Banking sectors to get best bank account and saving plan in UAE along with we also do service on different credit card services and personal loan. Home Loan is one of the major services that we are doing for the customers in INDIA and UAE. Insurance sectors we are in top priority by providing best insurance service for your loved once. Along with we do service on major saving plan and other benefit plans for customers in India and UAE