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 (such as riders), 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. 


Additionally, if you feel the need to remove riders after buying your term policy, you can reduce the premium because you will not be charged for the riders after you remove them. 

Your term insurance premium can increase due to the following factors:  


  • Age - Term insurance premium increases with the policyholder's age. This is because, as you age, you have more chances to develop lifestyle diseases or conditions that can impact your health negatively (such as diabetes).

  • Gender - If you are a male, your premium can be more expensive than a female

  • Occupation - If you have a high risk occupation (such as a miner or stuntman), your premium may increase 

  • Lifestyle Habits - Your lifestyle habits directly impact your term plan premium increase. For instance, if you consume alcohol regularly, the chances are high that you will face liver problems in the future. By knowing about these habits, the insurer knows the related risk factor, which can lead to higher premiums.  

  • Medical history - If you have any medical conditions such as diabetes, then your premiums can increase 

  • Policy duration - An unnecessarily long policy duration can mean higher premiums 


Find out more about the factors that can increase your term insurance premiums. 

Yes, there are some steps that you can take to reduce your term insurance premiums to as low as possible:


  • Cover yourself only till you retire. An unnecessarily longer policy period could mean higher premiums 


  • Don’t overinsure. Only choose a life cover that adequately protects your family when you pass away. A higher than necessary life cover can get you higher premiums.


  • Only add riders that you feel are essential. Additional riders will incur additional expenses. 



  • If you know what you need to buy, consider buying a term plan online. They can be 5 - 10% cheaper when bought online.


  • Compare term plans from different insurers to get the best rates and benefits


Check out the KlarifyLife Term Guide to understand your exact term insurance needs. 

Yes. But let us understand the answer to this question a little more in-depth!  


There are several factors that affect your term insurance premium. And your health condition is one of the most critical factors that directly impact the increase of your term insurance premium.  


So before you purchase any term insurance policies, you are required to undergo a thorough medical examination. These medical test results will inform your insurer about your complete health status, including existing illnesses. Moreover, these medical tests can raise flags about the risk of certain diseases you may contract later in life. Hence, based on these findings, your insurer will determine the term insurance premium payable.  


Thus, if you are diagnosed with pre-existing diseases, the term insurance premium increase will occur.  But, if you’re diagnosed with an illness after you buy your term policy, then don’t worry, your premiums won’t increase. 


Find out more about what medical tests you have to take to buy a term policy. 

No. Once you buy your term policy, your premium will not increase if you get diagnosed with a critical illness or a life-threatening disease.

Once you buy the term insurance plan, your premium will only increase once you change your life cover or add any plan benefit.  


But having said this, if you plan to add riders later on after buying your term plan, you may have to reveal your lifestyle habits again (for adding the riders) and your insurer may increase your premium depending on your smoking habits.

At the time of buying your term plan, you will have to reveal your critical illness diagnosis to your term life insurer. It may increase your premium but if you don’t reveal that information, your insurer may reject your claim later on. 


If you’re diagnosed with a critical illness after buying your term plan, then you don’t need to reveal that information to your insurer. Even if you reveal that information, your premiums won’t increase. Having said this, it is still better to reveal information about your diagnosis to your insurer because they’ll be able to check if you’re eligible for any rider benefits or not. 


For example, let’s say you’ve purchased a critical illness rider with your term plan. If you’re diagnosed with a critical illness after you buy your term plan, revealing information about your diagnosis will enable your insurer to give you a payout from the critical illness rider cover. That payout can be used for your treatment or for replacing your income during your treatment time. 

No, it won’t, unless you change any features of your plan (such as adding riders or increasing your life cover).


See, in limited pay, you’ll pay premiums only up to a certain number of years of your policy period, for e.g., if you have a policy period of 20 years, by choosing limited pay you’ll pay premiums over let’s say, 10 years. Whereas in regular pay, you keep paying premiums till the end of your policy period. Your limited pay premiums would be higher than regular pay premiums on account of the difference in the number of years you would be paying the premiums. 


But in both cases, the premium amount won’t change over time.  

Since you’re getting covered for such a long period, chances are that you’ll face high premiums. But your premiums will not increase over time until and unless you change the features of your plan (such as adding riders). 


Find out why you should only get covered till you retire. 

Yes, your premiums may increase if you add riders to your base term plan. When you add a rider on the policy anniversary to your term plan, your premiums will be revised to cover the cost of the rider as well. 


Conversely, if you remove added riders from your term plan later on, your premium amount will decrease and your future premiums will become cheaper. 


But don’t worry about it - even if your premium increases, remember it’s because you are getting additional coverage without needing to buy a separate plan. Want to ensure you’ll pay for only what you need? Use the KlarifyLife Term Guide to understand which riders you should buy.