One thing constant in life is “change”. It is good to make sure that you accommodate those expected and unexpected changes in your life insurance cover so that it secures the future of your loved ones in your absence.
When you are young and unmarried, to get a cover to that is adequate to cover your liabilities and provide old-age security to your parents is enough. But once you get married it is good to increase your life insurance to ensure that your spouse and children don’t compromise much with their standard of living.
The term life insurance market is competitive and customer-centred and so you have the option to increase your sum assured at different life stages in some of these policies.
Apart from an increase in the sum assured, some insurance plans also allows you to receive a portion of the sum assured as an advance if say, you are diagnosed with a terminal illness.
You can also purchase other riders with the policy such as accidental death rider and critical illness rider.