21 Jan 2019
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Increasing Life Insurance

What is Increasing Term Life Insurance ?

Increasing term life insurance allows you to protect the sum assured you take out on your term life cover against inflation. Most assurance companies will offer an increasing option when you start your lump sum life assurance or family income benefit plan.

It will allow your sum assured to increase each year in-line with inflation with your monthly premium also increasing.

With Increasing cover it aims to keeps the value of the sum assured the same as the policy started with. Increases are normally measured against the RPI (retail price index); although with some companies you can choose what percentage increase you have.

The increase in the sum assured and premiums will not take into account any other factor, such as health or occupation at that time. It will be based solely on your health and occupation at the outset of the plan.

Things to Know About Increasing Term Assurance

When you choose the increasing option it is important to be aware that although the increase to the amount of cover is capped at 10% a year, the amount your premium goes up to cover this could be more.

Whether this option makes a difference to your premium at the outset varies between providers. With some companies it makes no difference, With some it will add to the cost from outset.

With most companies that provide increasing cover the increase is optional; you will always be notified 60 days beforehand. You have to reply and inform the provider if you want to decline the offer and keep things the same for that year. If you do not reply to this affect the increase will happen automatically.

Life Insurance Quotes & Advice

You can obtain instant increasing life insurance quotes with our online quotation system today. With our discounted premiums you can get a great deal for you term life assurance. If you would like to find out more about the benefits of an increasing life insurance plan our professional advisors can advise you on all the different assurance options. Simply complete our advice form and advisor will call you to discuss your protection needs.