Do i need a new policy if i want to increase my life insurance coverage?

Question

Do i need a new policy if i want to increase my life insurance coverage?

Answer 1

Depends on the company, whether there has been a change in your health/lifestyle status and/or how much you are looking to increase it by.  You should be able to increase it regardless, however, those factors mentioned will determine if and how underwriting is required to approve it.

Answer 2

Maybe, maybe not.  It depends on your current policy.  No one here will know the answer.  YOu have to call the company, or your agent.

Answer 3

Yes, you will need an additional policy. Depending upon your age and how long ago you took out your original policy it is probably a good idea to get a new policy because life insurance always cost more because you are now older. If you took out that policy when you were 21 years old and you are now 45 it only makes sense to keep that original polcy.

The exception to that might be if you were a smoker when you took

out the original policy and have since quit smoking (for at least 12 months) even then it depends on how old you were when you took out the original policy and how old you are now.

Be aware that under any circumstance you are going to have to prove insurability. If you just had a heart attack and now see the light as to the value of life insurance it is too late. It's like asking your insurance agent about a higher limit of insurance on your home while you are fighting a fire in the kitchen.  

Answer 4

Usually.  Price it to do a complete new one or just an additional new one (so that you'd have two).  Policies carry policy fees so sometimes it can makes sense to carry two and other times just one.

http://www.InsurancePickle.com/life-insu...  for quotes on all the major carriers...and a whole lot of minor ones.

Answer 5

It will depend on the company and the product.  

Some will make you apply for a new policy.

Some will offer to let you increase your coverage with some minimal underwriting.

Some products offer you the option to annually increase you coverage by a certain percentage.  

Just call up your agent or the customer service department of the insurance company and ask.