According to most life insurance experts, it is recommended that most individuals have no more than two life insurance policies.
Most middle-class workers are provided by a life insurance policy through work. This type of insurance policy is rewarded as an added benefit to the employee by his employer.
The insurance policy provided through one’s occupation in most cases provides only minimal cover and can prove insufficient to cover all his or her needs and can fail to provide adequate financial security to his loved ones.
In this case, it is recommended that individuals purchase another life insurance policy to make up and support the existing life insurance policy.
Having multiple life insurance policies has its advantages and disadvantages.
Some of them are listed below:
- One of the major advantages of having more than one life insurance policy is that it allows you to have more cover in case of misfortune.
- If you have a lot of needs and your existing life insurance policy does not particularly cover all of those needs you can avail more than one life insurance policy to make sure all your needs are covered accordingly.
- Having more life cover means more peace of mind. You can go to bed at night peacefully knowing that your families will be well taken care of in case misfortunes were to befall on you.
- One of the major and most highlighted disadvantages of having more than one life insurance policy is the cost. Having multiple life insurance can be expensive and not always feasible.
Should you have more than one insurance policy?
It is a common life insurance myth that one individual cannot have more than one life insurance policy and that is completely untrue. However, it is recommended that one person have no more than two life insurance policies. If a working-class individual does opt to have more than two life insurance policies, it might prove uneconomical and can be very expensive for the individual, sometimes even proving a loss if he or she ends up never using the life insurance policy.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00