Can I Add More Coverage Later?

Did you wake up this morning dreaming about dealing with insurance? Oftentimes the answer is no, but there is one thing I’ve discovered in my career as an insurance agent.  I truly believe most people genuinely want to purchase an insurance policy. A lot of times, they either don’t purchase or delay purchasing an insurance policy simply out of fear of making the wrong decision.

For instance, a child is calling on behalf of his elderly parent and wants to purchase a policy to assist with final expenses or burial costs. They begin the process with the intention of covering their parents, but after looking at multiple companies and talking to multiple agents they became confused and decided that they were going to put the process on hold. The initial phone call was because they were motivated to get something done. They cooled off because they were confused by all of the overwhelming options that came at them.

One of the biggest questions that people have is, can I add coverage down the road or change coverage down the road should my situation be altered. Maybe they believe they’ll be making more money or will be in a better financial situation in the future, and they are curious to know if they can do something different at that time.

The answer typically is yes. You can apply for new coverage at that time, however, most companies will not allow you to simply raise the face amount of your current policy. If there has been longer than a 30 to 60-day window since the original application, most senior life insurance companies will require a review of health history to confirm if the individual is still eligible for the policy. There are a few life insurance companies out there offering a few types of policies that will allow you to raise the face amount at certain times or certain situations in life, however, as a whole, most insurance companies do not allow this.

I still suggest, instead of putting the process on hold until you find yourself in a better financial situation, simply pick a policy that you can afford today and can comfortably pay for. Because SOME insurance, whether it’s life insurance for seniors or some type of guaranteed acceptance life insurance is better than NO insurance at all.

If you have questions about the process or would like to speak to one of our licensed agents, you can call us directly. We are licensed in most states and would be glad to answer any questions that you may have.