Definitions for "Increasing Term"
This is a type of life insurance policy where the amount of cover increases throughout the term as does the premiums to be paid. This is to enable to life insurance policy to increase in value as your earnings increase, plus it will make the lump sum more realistic in years to come.
Term life insurance in which the face amount of the policy increases periodically on a predetermined basis.
A term insurance contract in which the sum insured increases each year by a fixed percentage of the original sum insured.