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Can You Have More Than One Life Insurance Policy

Updated On Feb 02, 2022

A life insurance is a protection you can get, not only for yourself but also to ensure that your family is taken care of. Even as you begin working at your first job, it is imperative that you design your life goals in such a manner that you are able to set aside certain funds to meet your life goals of caring for your family. A life insurance may also serve as an investment because you also have the option of receiving all the premiums paid towards the policy once its term expires depending on the variant chosen by you. You can buy life insurance and customize it to include a cover for unforeseen eventualities such as disability and critical illnesses, according to your requirements, thereby ensuring that your financial losses are minimal in case you contract any critical illnesses or suffer from disability.

Even though one life insurance policy offers a plethora of benefits, it is advisable to opt for two or more because your life insurance claim can be rejected in some cases. If you have more than one term policy, the nominee would not lose the total sum assured even if one claim is rejected. There is a chance that another insurer will accept it. While getting more than one life insurance will help reduce the risk of claim rejection, it is also important to be aware of the common causes of rejection.

Can I Take 2 Life Insurance Policies And What Are The Benefits?

While life insurance is comparatively cheaper than other insurance products, its benefits may not prove adequate to your requirements. Thus, in order to avoid a situation where your need for coverage increases, it is best to have bought two or more life insurance plans well in advance.

If you have ever wondered, "Can I take 2 life insurance policies?" The answer is – Yes, you can! Read on to know about why you should.

2. Increase In Responsibilities As You Age

When you buy life insurance, you can decide on its maturity period after which it no longer covers you. As you grow older and your responsibilities increase in line with your life stages, you will require more coverage thereby prompting the need for additional term policies. Thus, you should consider opting for two or more life insurance plans as your needs grow and your requirement for coverage increases.

3. To Ensure Continued Human Life Value (HLV)

The HLV is a figure that denotes the amount an individual is likely to earn as income over the remaining course of their life, after they have bought a life insurance policy. With multiple life insurance policies, a policyholder essentially ensures that their beneficiaries can access the benefits of their HLV even if they are no longer around.

4. Increased Number of Riders

Riders are add-ons you can get with your life insurance plan by paying nominal extra cost. By investing across multiple life insurance plans, you can ensure that you get benefits from across different riders. Not all insurers offer the same riders, so by investing across different plans you can easily gain the benefit of multiple riders.

5. Steps to Buy or Claim Multiple Life Insurance Policies

The steps for buying or claiming one or multiple life insurance policies remain the same, as it would be if you were buying or raising claims on just one life insurance policy. However, as mentioned earlier, it is imperative for you to disclose to your insurer details of all the life insurance policies you have invested in when you buy life insurance.


It is always better to have multiple life insurance plans so that your beneficiary is well equipped to meet their different life goals at different stages of their lives. However, in the interest of complete transparency and to ensure that your beneficiary’s claims are not later rejected, you need to inform the insurer about the different term policies that you have applied for.

Also read-What Are Bonds? 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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