The Long Read
Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)
No. Assuming that your existing life cover remains the same and you do not add any policy benefits, your term insurance premium amount will not increase. It’s a promise from your life insurance company.
There are certain plans that will allow you to reduce your life cover depending on key changes to your life, such as when your kids start working and are no longer dependent on you. In such cases, you may choose to reduce your life cover which will ultimately lead to a reduction of the premium that you need to pay.
In fact, you should check your life cover to see if it’s sufficient and make sure you are not underinsured.