If I want to buy CI related policies, do we pay the same amount every year? How can we afford it when getting older in future?

Two Options.

You get a whole life plan and convert it to fully paid up at age 60/65.

You get a limited pay whole life plan where you can choose your payment term from 5 years till age 65 and be covered till age 100.

The shorter the term, the cheaper the overall premiums relative to the coverage.

Hi Anon, you'd have to look at 2 things.

1) Is your premium level?

2) Is your premium guaranteed?

Most (not all) CI premiums are level but non guaranteed. This would mean it doesn't change as you age, but it may change if CI claim rates were wildly different from actuarial expectations.

Another thing would be to see how long you're paying your premium for. If you're buying a limited premium option, say paying 20 or 25 years but covering for life, then you don't have to bother about affording it when you're old.

If you're buying a term policy till 85 for example then you'll be paying throughout and then you'd have to plan your affordability and cashflow to sustain premium payments till 85.

I usually almost always recommend CI cover to be insured by a Limited Premium Whole Of Life Plan where you pay for 5-25 years but get lifetime coverage so you don't have to be concerned with losing coverage upon a certain age and finishing up premium payments before retirement.