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.
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.
I will definitely need more information in order to come up with a solution for you.
As I am from a financial advisory firm, i am able to provide yout with products from over 30 companies, and ight now we have many perpetual discounts on term plans which may be of value to you.
More information will also be needed from you for me ot come up with a solution to the situation you're currently in.
Do drop me an Email at: [email protected] or click on the link in my profile to have a chat with me.
If you do not have that form of coverage. Do speak to an advisor.
Term would generally be more affordable if you are on a tighter budget. But if you do decide to purchase Term, do also remember to invest the difference.
As for your death coverage, if you have liabilities such as house or children, perhaps you can use that to decide your coverage that you require, rather than just 10 to 15 times of income.
Drop me an email at [email protected] and I would be happy to assist you with a review. No obligations to purchase.