Life Insurance
Increasing term insurance coverage - should I buy additional policy?
I bought a term insurance policy 7 years ago when I was 28 years old with coverage of 75 lakhs. Now I am 40 years old and my income has increased significantly. I also have a home loan of 30 lakhs and my family expenses have gone up. I feel 75 lakhs coverage is not enough anymore. Should I buy an additional term insurance policy or should I increase the coverage in my existing policy? If I buy a new policy, will I have to undergo medical tests again? What will be the premium difference? I am currently with ICICI Prudential, should I stick with them or explore Tata AIA or PNB MetLife?
#term-insurance
#coverage-increase
#additional-policy
#sum-assured
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