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 Posted: Mon Apr 20, 2009 6:22 am Post subject: add / remove coverage? |
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| Can I add or remove my life insurance in the middle of my policy ? |
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lucy77
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| Posted: Mon Apr 20, 2009 9:15 am Post subject: |
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what do you mean by 'add or remove'? are you talking about the beneficiary? Or you are talking about the insurance policy premiums?
Just explain further about it.... 
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amit
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| Posted: Mon Apr 20, 2009 10:42 am Post subject: insurance |
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| I know you can change the Benficiary on your Life Insurance policy whenever you want to. I don't know about the ACTUAL 'coverage' you have on it, however. |
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sdchargersfan
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| Posted: Mon Apr 20, 2009 11:02 am Post subject: |
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| You can always cancel a policy at any time. You can usually decrease the face amount at any time as long as you don't go below the policy minimums. Increasing the face amount usually requires evidence of insurability. |
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InsuranceExpert
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| Posted: Mon Apr 20, 2009 1:40 pm Post subject: |
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| Quote: | | You can always cancel a policy at any time. You can usually decrease the face amount at any time as long as you don't go below the policy minimums. Increasing the face amount usually requires evidence of insurability. |
With some carriers, you can only decrease the face amount one time. Prudential is the only major carrier I can think of that will let you decrease it as many times as you want. |
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dgoldenz
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| Posted: Mon Apr 20, 2009 1:57 pm Post subject: |
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yes in order to increase the face value of the policy one does need to go through medical checkup again and even the premium rates will also be applicable as per considering the new age.
Change in agreement between person and the company can be done with the consent of both the parties.
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amit
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| Posted: Mon Apr 20, 2009 4:48 pm Post subject: |
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Great Dgoldenz,
Prudential is our family carrier right now, I think it's possible to decrease the face value. |
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lucy77
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| Posted: Mon Apr 20, 2009 11:26 pm Post subject: insurance |
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| To 'decrease' the coverage you may have, don't you have to actually start another policy? I mean each policy is 'specific' with it's own coverage. I hope my question was clear. |
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sdchargersfan
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| Posted: Tue Apr 21, 2009 4:23 am Post subject: |
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| Quote: | | To 'decrease' the coverage you may have, don't you have to actually start another policy? I mean each policy is 'specific' with it's own coverage. I hope my question was clear. |
No....you can decrease the coverage one time with most carriers. As stated, Prudential will let you decrease it as many times as you want. However, once it has been decreased you would have to apply for a new policy or show evidence of insurability to increase it even back to the original level. |
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dgoldenz
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| Posted: Tue Apr 21, 2009 9:02 am Post subject: |
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| Hey Dgoldenz, is it possible to decrease the coverage level with every type of insurance plans? I thought this option is only available with the decreasing term life plans. |
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kelvin
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| Posted: Wed May 13, 2009 3:47 pm Post subject: |
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| Generally you cannot add or remove life insurance. yes you can add/remove riders because of which your premium will change. In some policies you have option of reducing face value. It depends on what policy you have opted for. Any ways if its a long term policy then i suggest you should continue. taking new policy or reducing face value will reduce monetary benefits. |
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goldenjobs
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| Posted: Mon Dec 14, 2009 6:22 am Post subject: |
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dgoldenz is correct in that the life insurance provided in a policy can, in almost every case, be reduced. This is often done when premiums are no longer sufficient to support the policy (usually occurs in later years) or a policy is no longer affordable.
The coverage, however, cannot be increased as easily. This sometimes requires a new policy and, in almost every case (a Guaranteed Insurability Rider is one exception) underwriting must be completed for the larger amount.
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InsInvestigator
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| Posted: Mon Dec 14, 2009 10:16 pm Post subject: |
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The type of policy and contract language within will usually describe what privileges the owner has with regard to changing the insurance amounts and/or terminating riders. Universal life will allow face amount decreases, in increments stated in the policy but not below a minimum value (which could already be the policy face amount), usually without underwriting, but increases are another matter.
Increases in face amount, even in universal life, will always require new underwriting (not necessarily a medical exam) in the absence of a "guaranteed" purchase option of some sort. Nonguaranteed increases in face amount will normally be accompanied by increases in the premiums at the insured's current age (age last, age nearest). But if you cannot qualify for an increase, no matter how much you might be willing to pay, you cannot force the company to give it to you.
Another way to lower the death benefit in some policies is to take a "withdrawal" of cash value instead of a "policy loan". In such cases, each $1 of cash value withdrawn = $1 (sometime more) of death benefit reduction. The policy may require withdrawals in certain minimum amounts, such as $100, $500, or $1,000.
As for unicorns, try eBay or Amazon.com.
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