Increasing life insurance

MakingUpGround

Does anyone have any experience of how much the increasing life insurance polices actually increase by? Is it 3%, 6% inflation?
Or can you get them still that increase at a certain point? 
Looking at one to cover a potential gap for 9 year later on when our Family income benefit ends and we might need a payout then before retirement. 
Costing it out against redoing the FIb from new/level term insurance etc. 
Many thanks 

dunstonh

Does anyone have any experience of how much the increasing life insurance polices actually increase by? Is it 3%, 6% inflation?

It depends on the option you select at the outset.

For a 9 year period, you probably dont need to be too concerned with inflation and a level term assurance with a bit more than is needed should suffice in many scenarios.

MakingUpGround

Thank you. If I wanted the cover to actually grow is that possible? We don't need more at the moment but will in 16 years when existing cover runs out 

csgohan4

insurance is always cheaper now than in X amount of years time. Best to have a policy to overlap with any changes in your life. I have 3 life assurance policies myself all obtained at different points of life and need, in hindsight should have got it all in the first instance, but can't afford it years ago to have all 3 though