Benefits of Having Two Term Plans | Extra Cover | Benefit of Death
A term plan is used to provide the coverage of your life if you will face any kind of sudden loss in future. But many times we thought that can we buy more than one term plan? Well, the answer is Yes!!! And there are plenty of benefits that you can avail by buying more than one term plan. Check out these benefits below.
Benefit of Death:
The nominee will be benefitted through more than one policy. This is the biggest advantage of having more than one term policy.
You will be benefitted for the coverage from more than one policy and you will get most of the benefits are the maturity of policies.
Hedge against Claim Rejection:
If you will face any kind of loss then you will be able to apply to more than one policy for the settlement and if one insurer rejects your application. You have the option to check out the other one. This reduces the risk of rejection after loss.
Benefit of Additional Riders:
By opting for this, you can avail the additional benefits for the additional riders. Through this option, you will get amazing benefits of the different policies that are hidden or not known to the primary rider. So it is smarter to buy more than one policy.
This will be most benefitted you because you will have the option to buy term plans with different maturities. You can choose either short term plan or long term plan or buy one short and one long to get additional benefits of maturities at different times. It will give you power to plan your term plans according to your needs to maximize the benefits.
It may be beneficial if you plan to buy more than one term plan in a systematic way.