If you have outgrown your life insurance policy, then there is a need to explore options that could significantly increase your coverage. But how do you modify your life insurance policy to adequately cover your needs? We have the answers right here in this article.
Review your group life insurance options
If you are part of your workplace’s life insurance plan, there may be an option for you to raise your current limits. You could even be allowed to buy extra coverage depending on the type of policy. We advise that you check with the administrator of your group life insurance plan for proper guidance.
Layer your life insurance plans
If your group life insurance does not provide sufficient coverage, then you should get a policy different from what your employer offers. Combining your individual life insurance with group life insurance can provide maximum coverage for you and your loved ones, too.
Check your individual life insurance plan
Most individual life insurance policies have the option of additional purchase. With this option, you can buy extra life insurance coverage without having to prove your eligibility. However, note that these options are only available at certain times, for instance, during a marriage or the birth of a child.
Get a second life insurance policy
It is a common thing for most people to have two life insurance policies. However, we recommend that you do not make this decision on your own. For more information about this, you can contact us or consult your life insurance agent.