Q. I have an existing life insurance policy with $500K coverage just approved recently, now I want to increase it to $1M. Do I need to start a new application?
A. Yes, if you want to increase the coverage amount, a new application will be required; if you want to lower your coverage amount, a new application is not required.
Since your policy is fairly new, you might be able to use the same medical exam results, especially if you want to go with the existing insurer. Nevertheless, a new underwriting decision is needed and the final decision will depend on your age, the face amount and the current policy.
A. Yes, if you want to increase the coverage amount, a new application will be required; if you want to lower your coverage amount, a new application is not required.
Since your policy is fairly new, you might be able to use the same medical exam results, especially if you want to go with the existing insurer. Nevertheless, a new underwriting decision is needed and the final decision will depend on your age, the face amount and the current policy.
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