TBH that's why their premium are cheap when you first sign as it's renewable.
In some cases the policy that holds premiums level for only 10 years (for example) could be the better choice. For example, if you think it’s highly likely you’ll drop the policy by that point in time, because by then you expect to be able to self-insure (or your dependent is likely to be passed on by then), then why pay higher premiums than necessary?
Let's put yourself in the shoes of the insurer. You as insurers are a for profits company. Fixed rate for customer until age 65,75 where common sense will tell you this customer going to make claim chance is going to be higher as he ages.
of course, i totally understand the perspective of the company. I just hate those agent who sell those renewable insurance and don't disclose properly. Bound to have some gullible customers
Ok noted. But such mis-selling is everywhere not only restricted to insurance. It can be mortgage, car, investment product etc etc. So the onus is on paying customer to do their own research which unfortunately not all do and then later complain mis-lead etc. Part and parcel of life.
