Is it more advisable to increase coverage of an existing plan or purchase an additional one?

There are only certain policies that allows increased of coverage at certain life stages with no underwriting required. But in terms of cost, they are essentially similar. It will still be based on your current age.

Honestly, I do not see any material difference that should be of your concern. What is more important will be to find a plan more suited to what u require.

You might want to seek a competitively priced Term insurance for your needs. The mindef group term is one, and other is direct insurance products.

You should just do a review first (comparison).

From what I know, most Whole Life coverage allows increment of sum assured. But the premiums are not gauranteed to be the same as what you are already covered.

The term plans really depend on your age. If you are below 30s, a Whole Life and Term plan may not differ much in terms of ROI (return of investment). But if you are older, consider term life since it will most likely be cheaper to invest difference.

You may also consider decreasing term life insurance (where the first 5 years is a significant cheaper as compared to level term life insurance). if you only require 5-10 years of insurance coverage. Else,