Policy Holder Services Q&A
Once you have the life insurance policy in your hand, it's important to be aware of things you can do as a policyholder. These additional questions and answers will help you manage your existing life insurance policy.
How do I change my life insurance beneficiary?
Changing your life insurance beneficiary is a simple process. But before taking this measure, make sure you're doing it for the right reasons. For example, if you lost your spouse to death or divorce or your youngest child is now grown, it may make sense to change your life insurance beneficiary. Whatever the reason for the change, make sure the people who depend on your financially are protected by the proceeds of your life insurance policy.
To change your life insurance beneficiary, just call your agent or carrier and follow the steps required. It's a quick and easy process.
I have changed my name, home address, phone number, etc., how do I update this information on my life insurance policy?
Keeping your personal information up to date is extremely important. This will ensure that you are contacted by the right name and at the right place if your agent or carrier needs to speak with you regarding your life insurance policy.
Simply call your agent or life insurance carrier if any of your personal information has changed since you first purchased your policy. This is one reason why it's important to conduct a life insurance policy review regularly.
How can the ownership of a life insurance policy be changed?
If you want to change the ownership of your existing life insurance policy, you'll need to fill out a Transfer of Ownership form. This form can be obtained from your agent or life insurance carrier.
How do I cancel my life insurance policy?
Before cancelling your existing life insurance policy, make sure there's no more need for it in your overall financial plan. This means:
- No one depends on you financially
- You have money saved for final expenses
- You don't have estate taxes
If after double checking that there's no need for life insurance in your overall financial plan, it's easy to cancel your policy. Just call the life insurance company you're insured with and tell them you'd like to cancel your policy, or simply stop paying your premiums. By simply not paying your premiums, your policy will lapse.