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WhatNow
Say Cheese!
Member since 1/06 8033 total posts
Name:
A (formerly WhatNow?)
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Anyone knows if it is possible to make changes to an existing life insurance policy?
Kind of like refinancing a mortgage, in a way? And would i have to sty with the same institution or can I go to a different policy holder? My policy is about 6 years old and I don't think I got a very good deal when I did.
Any advice from those in the known would be greatly appreciated.
Message edited 10/3/2012 8:55:05 AM.
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Posted 10/1/12 10:35 PM  |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
Yes it's definitely possible, but what makes you think you didn't get a good "deal"?
Typically what happens is people will be, say, 6 years into a 30 year term and get a re-quote. Sometimes improvements in health or a change in travel plans will affect the new quote, but keep in mind you are now 6 years older. People usually do this strictly to add 6 years onto the life of their policy while keeping the price relatively similar, since as you get older the premiums get more expensive.
There are a lot of factors that go into the premium cost, but calling and asking for a new quote is usually free.
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| Posted 10/1/12 11:09 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
I can help. lots of knowledge on life insurance. FM me.
Message edited 10/2/2012 10:06:58 AM.
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| Posted 10/2/12 10:06 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
You can cancel your policy and start a new one at any time, with the same or different company.
I've done it a few times. Most recently to increase coverage and start a 30yr term before DH turned 40 (when rates jack up).
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| Posted 10/2/12 11:30 AM |
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WhatNow
Say Cheese!
Member since 1/06 8033 total posts
Name:
A (formerly WhatNow?)
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
Posted by -Lisa-
You can cancel your policy and start a new one at any time, with the same or different company.
I've done it a few times. Most recently to increase coverage and start a 30yr term before DH turned 40 (when rates jack up).
But don't you then lose the money you already put into the policy?
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| Posted 10/2/12 3:39 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
Posted by WhatNow
Posted by -Lisa-
You can cancel your policy and start a new one at any time, with the same or different company.
I've done it a few times. Most recently to increase coverage and start a 30yr term before DH turned 40 (when rates jack up).
But don't you then lose the money you already put into the policy?
Unless you have a whole life policy you "lose" the money you put in unless you die 
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| Posted 10/2/12 5:24 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
Posted by WhatNow
Posted by -Lisa-
You can cancel your policy and start a new one at any time, with the same or different company.
I've done it a few times. Most recently to increase coverage and start a 30yr term before DH turned 40 (when rates jack up).
But don't you then lose the money you already put into the policy?
Depends on what type of plan you have. It you have "whole-life" its a different situation than a term plan. What kind do you have?
What I wrote above was about term plans - you pay a premium every year, for a set number of years 10, 20, 30, whatever. Coverage is in effect as long as the premium is paid. Its just like car insurance - you can cancel at any time, and get a refund for the unused premium. So if I paid the annual premium, and cancel 6 months later, I would get a refund of the pro-rated premium. You're not paying "into" the policy, you're paying for the coverage.
Whole life policies have an accrued balance that you're paying into, with a penalty if you cash them out, in which case you would lose money to cancel the policy. But I'm not very familiar with these.
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| Posted 10/2/12 5:32 PM |
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WhatNow
Say Cheese!
Member since 1/06 8033 total posts
Name:
A (formerly WhatNow?)
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
Posted by headoverheels
Posted by WhatNow
Posted by -Lisa-
You can cancel your policy and start a new one at any time, with the same or different company.
I've done it a few times. Most recently to increase coverage and start a 30yr term before DH turned 40 (when rates jack up).
But don't you then lose the money you already put into the policy?
Unless you have a whole life policy you "lose" the money you put in unless you die
That's what I have, Whole Life policy. I am really rethinking that decision from time to time but i am just not sure is there is anything to be done about it.
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| Posted 10/2/12 9:05 PM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
Posted by WhatNow
Posted by headoverheels
Posted by WhatNow
Posted by -Lisa-
You can cancel your policy and start a new one at any time, with the same or different company.
I've done it a few times. Most recently to increase coverage and start a 30yr term before DH turned 40 (when rates jack up).
But don't you then lose the money you already put into the policy?
Unless you have a whole life policy you "lose" the money you put in unless you die
That's what I have, Whole Life policy. I am really rethinking that decision from time to time but i am just not sure is there is anything to be done about it.
I work in insurance administration. You can do an internal replacement if you want to change your policy and stay with the same company. Call your Agent and discuss the details further.
If you had a term, you could always convert it. Just an FYI to policy holders who have term policies. 
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| Posted 10/2/12 10:03 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Anyone knows if it is possible to make changes to an exciting life insurance policy?
I want an exciting life insurance policy.. all the ones I see are boring
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| Posted 10/3/12 8:14 AM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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Re: Anyone knows if it is possible to make changes to an exciting life insurance policy?
Posted by Xelindrya
I want an exciting life insurance policy.. all the ones I see are boring
I think life insurance is pretty much boring anyways. Welcome to my world. It's what I do everyday at work. LOL! People die and we pay....
However, if you want something slightly more exciting, look into Variable Life. They offer investments and can be pretty exciting to some people. 
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| Posted 10/3/12 8:34 AM |
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WhatNow
Say Cheese!
Member since 1/06 8033 total posts
Name:
A (formerly WhatNow?)
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Re: Anyone knows if it is possible to make changes to an existing life insurance policy?
Posted by Xelindrya
I want an exciting life insurance policy.. all the ones I see are boring
Hahaha, I just saw that! Stupid auto-correct! My Mac has been doing some strange things lately!
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| Posted 10/3/12 8:55 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Anyone knows if it is possible to make changes to an existing life insurance policy?
Posted by WhatNow
Unless you have a whole life policy you "lose" the money you put in unless you die
That's what I have, Whole Life policy. I am really rethinking that decision from time to time but i am just not sure is there is anything to be done about it.
________________________________________________________________
Not true. there is a cash value under a whole life. you can take funds since its yours.
There is benefits to all life insurance, its HAVING it.
In the end, you want a benefit paid out for the "what if".
its not a savings account but there are a lot of factors/options in every life policy offered.
Message edited 10/3/2012 10:09:15 AM.
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| Posted 10/3/12 10:08 AM |
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pbcassidy
LIF Zygote
Member since 11/12 1 total post
Name:
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Re: Anyone knows if it is possible to make changes to an existing life insurance policy?
It makes sense to shop around for a new policy, especially if you feel like the last one didn't quite cut it. You can choose to go through the same provider you currently have, or shop online on an aggregator website for comparative, competitive rates. Check AccuQuote life insurance quotes online, you'll get a good comparison. Converting to whole life is a good option only if you're sure that you won't get better rates elsewhere.
http://www.accuquote.com/
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| Posted 11/8/12 2:20 AM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: Anyone knows if it is possible to make changes to an existing life insurance policy?
FM me if you like I can review your policy and make some recommendations no obligation.
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| Posted 11/8/12 11:26 AM |
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