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Experts say that the answer is yes. While term insurance policy is considerably cheaper than the hybrid plans that offer both investment and insurance products, experts confess that one term plan may not cover a person's needs at various life stages, especially when the future is uncertain. The best term insurance usually covers both investment and insurance, like the ones offered by the Canara HSBC Life Insurance.
People usually consider multiple life insurances when they have chosen pure life insurances as their first option. Pure life insurance plans offer life insurance at a very low price, with the catch that there will be no guaranteed benefit to be paid to the policyholder if they outlive the date of maturity.
Ensure that when you are buying multiple policies, you diversify your choices across companies based on their CSR or claim settlement ratio. Some insurers charge a little more money because of their higher claim settlement record, something you want to go for.