Comments on The Money Quest: Should you split your term life insurance coverage...

you can declare you policy details to insurance co...

2011-12-12T13:41:04.347+05:30

you can declare you policy details to insurance companies. I suggest that be very honest while filling up your details and ensure that your nominee is aware of all the documents and procedures. Mere taking a policy does not help. I have heard of cases where nomineed did not even file for claims as they were not made aware of it.

Sid

Hi, First of all thanks for the good work. I'...

2011-12-06T12:35:55.681+05:30

Hi,

First of all thanks for the good work.

I've a online term insurance from Aegon-religare with a premium of 11471 Rs/year for a coverage of 1 Cr for 25 years.

However now I am feeling it's less so I am also planning to buy another online term insurance of 2 Cr for 35 years from Aviva i-life.

Could you please answer following:

- Is it right to buy from another insurer or should I ask Aegon religare to increase my coverage?

- Do I've to declare to Aegon religare / Aviva that I've bought another online term insurance?
policy?

What's the best way to handle this kind of situation?

Any response to the query will be highly appreciated.

Thanks,
Rachit

Is there something in law that a person taking mor...

2011-11-17T17:21:07.572+05:30

Is there something in law that a person taking more than one life insurance policy (for now focusing on term plan) has to declare to each insurance company about his/her other policies.
and in case of this is not done , while going for claim the insurance company has the right to reject your claim on this basis only that you have not declared other policies.
I saw one program on Sony (Crime Petrol) where they showed a case of a person taken many policies and after his death his family got rejection from insurance companies and those companies threaten them for filing a case against the decease family as he hadn't declare all the policies.

Noting Puneets comment Mr Fisher do you think its ...

2011-02-13T12:57:39.419+05:30

Noting Puneets comment Mr Fisher do you think its a good thing to do to buy 2 policies to "hedge your risks of depending on single Insurance company for claims. Just in case one of your claim gets rejected, you still have chances of getting your claims from the other."

MB

Here is one more aspect you need to consider. If y...

2010-04-07T17:07:44.333+05:30

Here is one more aspect you need to consider.
If you are considering to buy a large sum assured policy, it might make sense to split the sum assured in two and buy two term plans from different vendors. This would basically hedge your risks of depending on single Insurance company for claims. Just in case one of your claim gets rejected, you still have chances of getting your claims from the other.

Diversifying your risks helps!

This is what I have personally done. Split my Life cover with LIC and Birla Sun Life.

Dear Mr.Fisher, A very nice and informative artic...

2010-03-04T10:43:20.636+05:30

Dear Mr.Fisher,

A very nice and informative article. I would like to know how to calculate exit from a policy. I would like to take your advice and move to a single policy from 3 policies which I hold. I am planning to exit from all the three. I would like to know what will be the "loss" from those exits.

Krishna
http://www.keepwrite.com

Hi Mr. Fisher As usual informative and thanks for ...

2010-02-23T12:49:39.125+05:30

Hi Mr. Fisher
As usual informative and thanks for the link to Bimadeals.com.

regards,
Hari

Sorry Rehan, I had to delete your comment due to s...

2010-02-12T16:47:37.311+05:30

Sorry Rehan, I had to delete your comment due to some technical reason.

Hi Rehan, Many thanks for disclosing your identit...

2010-02-02T09:22:18.513+05:30

Hi Rehan,

Many thanks for disclosing your identity.

It is always better to be completely honest (even if your agent advises you otherwise) while filling up the form instead of facing problem at the time of claim.

2010-02-02T01:02:25.928+05:30

This comment has been removed by a blog administrator.

Samant: This post considers only one aspect: Does ...

2010-01-31T14:24:03.395+05:30

Samant: This post considers only one aspect: Does splitting your insurance cover make sense? Policy exclusions are a completely different topic. Further for the purpose of comparison I’ve chosen two term plans at random. If you wish you can do the same exercise for LIC term plans also. I don’t think the results will be any different.

Rakesh: This post is not about cheapest term plan.

Good Article Fisher... However, along with this, c...

2010-01-31T12:38:56.968+05:30

Good Article Fisher... However, along with this, can you stress on the point of disclaimer in the Policies ? What kinds of deaths are considered for paying the the insurance amount and also comparison against LIC ?

Have you checked the iterm plan from Religare. Its...

2010-01-31T11:51:02.987+05:30

Have you checked the iterm plan from Religare.
Its the best in business so far.

Rakesh