I have a term insurance cover for the last four years. Is it advisable to terminate the policy at this stage and get a new policy with different plan?
Before you go ahead with your decision you must consider changes in your health status, if any
I have a term insurance cover for the last four years. Is it advisable to terminate the policy at this stage and get a new policy with different plan?
Raman Lamba, Delhi
As such by terminating a term insurance policy, you won’t lose financially. But before you go ahead with your decision you must consider changes in your health status, if any. The reason is that any adverse development on the health front may affect your insurability or you may not be eligible for insurance at standard rates. You also have the option to supplement the insurance cover by acquiring another policy which suits your requirements.