Yes, you can have multiple term life insurance policies. You can take all policies from either one insurer or multiple insurers. With age, your lifestyle changes and liabilities increase, hence buying an extra life cover makes sense.
The maximum coverage, be it single or all plans combined, that one can avail is calculated basis his income, age, assets, and financial liabilities.
While buying multiple term insurance policies, you keep in mind these two important points:
Disclose all the existing policies that you currently own to the new insurer from whom you are buying the additional policy. This will help them assess your eligibility life cover.
Read the policy documents very carefully to understand all the features, inclusions, and exclusions. For example, in case of death due to accident or suicide, your nominee may receive the entire lumpsum from one insurer while receiving no money at all from the other insurer. This will be the case when the latter does not cover death due to accidents or suicide.
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