If your age is 20s to 30s, premium escalation is minimal but as you get older, mas malaki na rin..
Disadvantage of Term insurance is if you forget to pay your premium, it is easy to lapse...
There is a tendency that if you happen to lapse the policy, it require a reinstatement, its okay if you are healthy, it can be reinstated and will be approved..
But what if you have illness then, by the time you reinstate the policy, it may not be approve and worst is you die, there is nothing for your dependents to get..
And what if you become toally disabled, your investment also stop, with whole life or VUL that has waiver of premium benefit, even if you become totally disabled, you will not pay any premium, the company will take care of them and you can get something for your disablement if it has disbility benefit..
Some cliens get whole life and they add term insurance for additional coverage because its cheaper..
VUL is okay, because you are insured even after you finished paying for the same amount every year... The fund can take care of the premium of your insurance.. While your fund is invested..
Insurance is not only for your dependents, it is for your self also..
If you live too long, there is available funds for your self, if you quit, you get your fund or cash surrender value, if you die, your beneficiary will get the insurance coverage plus the funds available..
Don't limit your self to term insurance, get whole life also or VUL.. For your long term needs..