Asked on 07 May 2018
Most insurers will allow increment of coverage on existing policy.
Can you get CI riders on existing policy?
Amount of coverage depends on how much you can afford. Do not go for too much coverage if the premiums are killing you.
To go for term insurance or not? This depends on what you plan to do with the extra savings from going term insurance.
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.
Colin Lim, Financial Services Consultant at Colin Lim
Answered on 18 Apr 2020
You can do paid up option or continue the premium. First of all, I need to understand your situation before I can advise accordingly.
Tem plan is cheap but you have to pay yearly for as long as you wishes to be covered.
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