When buying Term Life Insurance, are you able to change the sum assured any time during your policy term?

Hi non,

This depends on the insurer and the specifics of the plan.

For example, one insurer has this:

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Guaranteed Issuance Option – For Life Stage Events

In the event of any of the following life stage events, You have the option to increase the protection coverage of this basic Policy, without further evidence of insurability.

The life stage events are:

(1) Any change of marital status of Life Assured, such as the Life Assured marries or divorces.

(2) Life Assured becomes a parent by having a new born child, or legally adopt a child.

(3) Life Assured graduates from tertiary education.

(4) Life Assured purchases a property.

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In this case you would be able to get more coverage and with the added benefit of not requiring any medical underwriting.

If such an option is not present, you would probably need to get a second plan to supplement your coverage gap.

Hi there, an increase in sum assured is generally subject to underwriting and most likely increase in premiums. However do consult your financial advisor/agent before doing so.