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Gill Insurance Advisors

2680 E Main Street, Suite 227
Plainfield, IN 46168

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Folsom, CA 95630

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Gill Insurance Advisors Blog

Do I Need to Take Out a New Life Insurance Policy to Increase Coverage?

At Gill Insurance Agency, we consider educating our policyholders to be insurance savvy important. We want to help Plainfield, IN residents make better insurance decisions to protect their beneficiaries. We are here to explain how to increase the value of a life insurance policy.

When You Apply for the Increase Changes the Process

In the US, the law protects consumers by providing a four-week “look-see” period for life insurance. If you buy a $1 million policy on the first day of the month, you have four weeks from that date to add to the policy, accept it as is, or cancel it without penalty. That means, if two weeks after purchase, your spouse becomes pregnant with twins, and you purchase a new home, you can phone or email your insurance agent to increase the coverage on the existing policy.

Any time after that initial month, you need to purchase a supplementary life insurance policy. If you decide to increase coverage within the first six months of the policy, you probably won’t need to take a new physical or undergo new medical tests. After that period, a supplemental policy requires a new medical exam.

How Time Affects the Premiums

As a person ages, the premium for purchasing a new life insurance policy increases. Purchasing a policy in your 20s gets a much lower premium than purchasing a policy in your 60s. If you buy your supplemental policy while also in your 20s, the premiums will probably be close in cost to one another. Purchasing a supplemental policy in your 60s means paying the initial policy’s lower premium and the new policy’s higher premium.

Contact Us Today

The younger you choose to increase your life insurance coverage, the lower your premiums remain. You will have more than one life insurance policy, and both will pay your beneficiaries in the event of your death. Contact Gill Insurance Agency today to better protect your beneficiaries in Plainfield, IN and other locations.

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