Home Life insurance Life insurance questions Can you change the coverage of your term life insurance? Can you change the coverage of your term life insurance? Written by Insure.comUpdated on: July 20, 2023 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Policy owners can decrease the amount of their term life policy, though the amount can vary depending on the policy and the insurer, says Frank Citera, a vice president at New York Life. But they cannot increase the amount of coverage without purchasing an additional policy.Term life insurance provides protection for a certain time period, such as 10, 15, 20 or 30 years and pays out to beneficiaries if you die within that term, or covers you until you reach a certain age, such as 65 or 70. It’s designed to replace your income if you die, so your family can cover expenses, such as mortgage payments or college tuition for your kids.Beyond purchasing an additional life insurance policy, some life insurance companies offer a conversion feature on term life policies, which allows clients to convert some or all of their term insurance policy to a permanent policy like whole life, regardless of health, for a limited amount of time, Citera says.“This feature enables buyers to benefit from lower initial premium payments but still gives them access to purchase a permanent policy with the opportunity to build cash value later,” he says.Whole life insurance, he points out, provides lifetime protection through guaranteed fixed premiums, death benefit and cash value accumulation.“Whole life is ideal for individuals who want guarantees and the ability to accumulate savings,” Citera says.Before you go shopping for any new life insurance products, though, review your finances and your dependents’ needs to determine how much insurance you need. Take into account short- and long-term expenses they will bear if you die as well as the financial resources you already have.In fact, it’s a good idea to do a life insurance checkup every year to ensure you have enough insurance or you don’t have more than you need. If you decide to apply for a new policy, make sure you understand the coverage and answer all the questions on the application accurately. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes QuickTake What is demutualization and what does it mean for policyholders? 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