Ok need someone in the know please
Im increasing my life insurance and trauma insurance.
I have one poilcy with on company already on stepped premiums. With a yearly CPI increase in the benefits.
However I wanted to up this, so got figures, then I thought, well why not go with a second company so that in the case one takes ages to pay out, then the other may pay faster, or the second may cover things the first doesnt etc.
Sooooo Im going that way, it isnt going to cost anymore really to do that.
however Im confused, Im looking at level premiums with the second, with the idea of keeping it till I die basically.
So with the level premiums, say its $1000 a year level, does that mean its $1000 forever (well till you turn 65 anyway) or does it increase anyway? I mean if you take the CPI yearly increase option obviously it increases but if you didnt would the premiums increase anyway? I thought level meant they stay the same till 65.???