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    One Life Insurance Policy |PNB MetLife

    Can You Buy More Than One Life Insurance Policy?

    Last Updated On 14-10-2022

    There is no legal mandate against buying multiple life insurance policies – and if you feel the need, life insurance companies will not stop you from buying more than one life insurance policy. You might already have an existing life insurance policy but might consider buying other ones at the same time or at a later stage in life. But in what situations will buying multiple life insurance coverages benefit you? And what are the implications of buying several life insurance policies? Read on to find out.

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    In What Scenarios is it Wise to Buy More Than One Life Insurance Policy?

    There are various benefits of life insurance, but the core purpose of life insurance is to provide financial support and an avenue for security and growth in some form or other. Buying more than one life insurance policy only makes sense when there is an actual need or requirement corresponding to it. Here are some scenarios where buying more than one life insurance coverage makes sense.

    • When your responsibilities grow

      When your responsibilities grow in life, and you need extra financial assistance to fulfil those duties, you can buy more than one life insurance policy. For instance, when you are 30 and single, a single life insurance policy can be enough to fulfil your individual goals. But when you are 40, with the added responsibility of a working/ non-working spouse, children, and even your ageing parents, you might need separate life insurance policies to take care of those varying needs.

    • If you have several ongoing debts

      Let’s say you are a young, working professional just a few years into your career. You want to own a car/ vehicle, and for that, you take a car loan. And to secure that car loan, you take life insurance. Ten years down the line, you realise you want to own a home, so you get a home loan. Now, you have another loan to your tab and the existing life insurance policy you have will not be enough to secure both loans. In that case, you apply for another life insurance policy.

      There are many other instances in life where you realise you have different goals, and a single life insurance policy will not suffice. This is why insurers offer different life insurance types that help you fulfil different goals like:

      • Growing income for your child’s education/ marriage (Child education insurance )
      • Creating long-term wealth for your retirement (Retirement/ pension insurance)
      • Leaving a financial legacy for your family (Unit-linked/ savings plan insurance)
      • Receiving financial support on death and unforeseen medical emergencies (Term insurance)

       

    What are the Factors to Consider Before Buying Multiple Life Insurance Coverages?

    Here are the factors to consider before buying multiple life insurance plans:

    • Hike in life insurance premium prices

      One of the foremost factors you need to consider before buying another life insurance policy is the price hike in your life insurance premium. More life insurance policies will give you the life insurance coverage you require, but it will also mean you need to set aside more money than you do for regular premium payments. Besides, keeping track of multiple policies and their premium payments can be inconvenient.

    • Exceeding the insurability limit

      There is this concept called the life insurance insurability limit in life insurance – it is the maximum amount of life insurance coverage you can get. The insurability limit varies from insurer to insurer but usually ranges between 10-20 times your annual income. If your life insurance policies exceed the set limit, it is not possible to get more life insurance.

    • Claim rejection and fresh underwriting

      If you buy more than one life insurance policy only to hedge yourself against the risk of claim rejection, always remember there is no guarantee that you will be doing so. The general rule is that if your life insurance policy gets rejected due to some reason, another insurer will become aware of it because of being well-connected with other insurance companies. You will also have to undergo fresh medical tests and underwriting each time you buy another life insurance policy.

    Conclusion

    Buying your second or third life insurance policy is always a more thorough decision – give it proper thought and assess your needs before finalising purchases. To know more about term insurance, term plan, wealth plan, long term savings and more visit PNB MetLife website.

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

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    Disclaimer

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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