Can I change my life insurance policy after purchasing it?

  • Paul WatkinsPaul Watkins
    Member since Jul 2023

      I was reassessing my insurability and can go for some changes. Can I modify or change my life insurance after I purchase it?

      July 18, 2023 at 05:29
    • Laura KellLaura Kell
      Member since Apr 2022

        I would say that it depends on your policy, Paul, and the type of plan. For Group Life Insurance through your employer, it’s been my experience that there are maximum amounts of coverage with some plans having an option to purchase more if your income exceeds the maximum. If it’s a private plan, you would need to check with your policy advisor.

        July 27, 2023 at 14:16
      • Iuliana CatrinescuIuliana Catrinescu
        Member since Jun 2022

          In my opinion, you have to review your life insurance policy contract and speak directly with your insurance provider or financial advisor to understand the specific options available to you for making changes. Some changes, such as increasing coverage or extending the policy term, may require additional underwriting or could result in changes to your premium costs.

          July 27, 2023 at 15:36
        • Kathryn HillKathryn Hill
          Advocates Council

            Paul, in my experience most insurance companies would consider allowing changes when your personal situation has a major change, e.g. death of a spouse, divorce, new marriage, sickness in family, annual renewals, so my suggestion is reach out to your benefits administrator by email and ask the specific question you want answered. They will provide you with insight into what options are available under your plan rules.

            July 28, 2023 at 00:27
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