18 Apr 2019
If you have a life insurance, do you wait to redeem it and get term insurance and invest the difference. Is it wiser?
Some ways you can compare to see if it's worth keeping it
If you only have to pay for a limited time for a lifetime coverage, I would suggest to keep it as it covers you till age 99. Unless you are able to find a term insurance with higher coverage and lower premium, which brings me to my next point.
I am assuming you got your life insurance couple of years back, if you were to get term insurance now, how much the insurer would charge you for premiums would def be higher because you are now older. So doing this would help you see if it is "wiser" to make a switch.
There is no textbook answer for this, but I feel it is best if you are able to work around your life insurance by adding term insurance during stages of your life where you are highly depended on.
It really depends on the life insurance policy that you currently hold and your current age group. S...
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