Can Multiple Term Plans be Claimed from Two Companies?
This insurance can be taken up to provide security to the insured’s family in death and uncertain events. Term insurance is a type of life insurance that secures the insured’s family and covers up the chances of risk and failure in fulfilling financial responsibilities. In case of accidental death and the end of the term period, additional returns are provided to the insured or the insured’s family.
Looking at the financial payments, dependants, and liabilities, one can decide what plan they want to choose with the period. Considering the years and age of the insured etc. he/she can opt for a plan that best suits their future family requirements.
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Can Term Insurance Be Claimed From Two Companies?
It is better to have two insurance policies to secure one’s family’s future and responsibilities. Term insurance allows for avoiding risk or loss in one’s absence. Taking two-term insurance will help in securing death benefits and other financial requirements. It gives extra protection to the insured’s family. The insurance taken by an individual can be planned after considering the daily and routine expenses/payments. Both insurances don’t have to be the same.
The premium/returns can be adjusted according to one’s income capacity. Both insurance contracts will be valid, and one insurer will not have the right to intervene with the other company/insurer. However, it is best to disclose all the material facts so that the insurer can help the customer.
Is it Legal to Buy 2 Term Insurance Plans?
Yes, it is legal to claim term insurance or any life insurance policy from 2 companies. An individual can buy insurance from 2 companies and make regular payments to secure their financial responsibilities in the future. The individual can choose both policies from different companies and decide the premiums at his/her convenience. Both policies don’t have to be the same as any term insurance can be chosen from the options provided by each company.
The insured has to inform the insurer of previous and other current insurances to avoid conflict or loss to claim the insurance without any loss.
Conclusion
The term insurance has additional death and tax benefits and long-term health expenses covering the multiple plans available with each having its benefits. There is also accidental death coverage. Claiming two insurances can secure the dependents of the insured.
Children, grandchildren and financial responsibilities related to them can be covered. In the case of critical illness, the expenses can be paid without having to struggle for credit.
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