Life insurance isn’t something you buy and never think about again. As your life changes, your policy may need to change, too. Here are a few questions that have come up a lot over the years.
How do I change my life insurance beneficiary?
To change your life insurance beneficiary, you’ll have to fill out a Beneficiary Change form. You may be able to find the proper form on our Common Policy Forms page. If you can’t find what you need, and you’re and AccuQuote client, call us at 800-442-9899. The process is quick and easy.
If you’re not an AccuQuote client, you can speak with a representative at your insurance company.
Can I change the face amount of my life insurance policy?
This is one of the built-in benefits of owning a universal life insurance policy! Universal life insurance is designed to give the policy owner flexibility on premium payments and the amount of coverage you have throughout the life of the policy.
You can usually decrease the death benefit at any time. If you want to increase the death benefit, you may have to undergo another round of underwriting, which may include a medical exam.
If you’re an AccuQuote client, call us at 800-442-9899 and we’ll help you get the ball rolling. If you aren’t an AccuQuote client, get in touch with your insurance company directly.
If you have term or whole life insurance, changing the face amount of your policy is a little more involved. In most cases, you’ll have to apply for a new policy.
You can check out quotes from life insurance companies to see if you can find a new policy that will give you the coverage you want.
Again, give us a call 800-442-9899 and we’ll help you get through the 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 about your life insurance policy.
This is one reason why it’s important to conduct a life insurance policy review regularly.
Simply call us if any of your personal information has changed since you first purchased your policy. If you’re not an AccuQuote customer, contact the insurance company or your agent.
How can the ownership of a life insurance policy be changed?
If you want to change the ownership of your life insurance policy, you’ll need to fill out a Transfer of Ownership form. You may be able to find the form from our Common Policy Forms. If not, just call us at 800-442-9899 or contact your life insurance company.
How do I cancel my life insurance policy?
Cancelling your life insurance is a major decision. Before cancelling your policy, make sure you have absolutely no need for the protection it provides. This means:
- No one depends on your income. If you died tomorrow:
- Would your spouse have to lower his/her standard of living?
- Would your children be able to afford college?
- Would your aging parents lose a major part of their financial support? Will someone else be able to help with their care?
- You have money saved for final expenses – the funeral alone can cost between $7,000 and $10,000 on average. In addition, are you leaving behind unpaid medical bills, outstanding debt, etc.?
- You don’t have estate taxes. Instead of leaving a legacy, many families have to sell off their prized assets to pay the IRS
Remember: life insurance gets more expensive as you get older. If you apply for coverage in the future, your premiums will probably be higher than what you pay now. If your health declines, you rates can skyrocket, and you may not even qualify for traditional policies at all.
If you have a term policy, you should also consider that every dollar you’ve paid to maintain your policy will be wasted (unless you have a return of premium policy). If you have a whole life or universal life policy, any cash value you’ve accumulated may subject to heavy “surrender charges.”
Before you cancel your coverage, we strongly recommend that you speak with a life insurance advisor to make sure you’re making the best decision.
If you’re 100% positive that you don’t need life insurance anymore, you can 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. Your policy will lapse for nonpayment.
If you are an AccuQuote client, we can help you with all of your policy change needs – just call us at 800-442-9899 and speak with one of our knowledgeable, caring professionals about your policy.
