THE FALLACIOUS BELIEF
The misconception remains that more the number of insurance policies you hold, the more the benefits you are to gain.
The thought itself is one of the sole reasons why people apply for multiple life insurance policies without thinking.
Even if it legal to use for and to hold numerous life policies, there are specific logical and practical reasons that you need to take into account before applying for these policies.
A CONSCIOUS POLICY-HOLDER
The working class cannot bear to meet the expense of more than two policies as it exceeds their income. Income mismanagement for the policy could lead to a massive cash drain, heavy on the individual’s finance.
More policies would also mean that your average annual cost of living would instantaneously increase and you would not be able to handle your family life without sacrificing the essential elements of your budget.
If you think you’ll buy several cheap policies compiled into one then again, it would be impossible to cope with all of them without professional help.
Instead, you could look for life insurance with comprehensive and additional coverage. Even insurers will refuse to provide or notify you about policies if they find out you’ve been hoarding multiple policies.
The maximum number of policies that have been suggested for a person can hold is three or a combination of your life insurance with critical illness cover or any other option that suits you.
DO YOU NEED MULTIPLE POLICIES?
A millionaire can afford multiple policies but not those of the working or labour class. Although it is legal, it would be impractical and thoughtless of you to get new cheaper policies when you can combine your insurance with options presented to you by insurance providers.
Smart saving of money by using it in economic and productive investments like life insurances will prove to be a healthy decision in the long term considering your income and expense factors
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