22 Apr 2020
I have life insurance 101k. Pay off Oct 2031. Surrender $9481.50. I don't have coverage of: 1)10-15 years worth of annual salary for Death and TPD. 2) 3-5 years of annual salary for income protections due to CI. Should I get Terms insc ? how much?
Most insurers will allow increment of coverage on existing policy.
Yes, term insurance is way cheaper but do you have an investment plan to grow your extra savings? Whole life insurance has an investment portion for people who are not able to invest the money themselves or are just lacking the knowledge.
Tem plan is cheap but you have to pay yearly for as long as you wishes to be covered.
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