Decreasing term with living benefit

Hi Mr Tan.

I am 24 years old. I like to know whether there is term insurance longer than 20 years. Does a 20 year term insurance auto-renews itself when it ends? Do you recommend buying decreasing term (e.g.$100k) and living benefit (e.g.$50k) together?

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REPLY

You can buy a term longer than 20 years. It is available for 30 years or to cease at a specified age, say 65 years.

The term policy does not auto-renew itself. It will cease at the end of the term. You should buy term insurance for the entire period that you need the insurance.

It is a good idea to buy a decreasing term assurance and a living benefit (to cover critical illness). The living benefit can also be for a specified term.