You might be interested by the Tillltis TKey - it's an open-source open-hardware programmable-by-the-user secure element.

(The previous comment ended up getting merged into this thread: https://news.ycombinator.com/item?id=50046048)

m-of-n provides increased security AND redundancy.

2-of-3 allows loss of one key, 3-of-5 allows loss of two keys, etc

The cost is increased complexity, but the alternative is potentially losing everything due to a single mistake. So far people seem to overweigh the complexity of multisig, and to overestimate their understanding of using a single signing device.