Life Insurance Can I change the amount of coverage on my term life insurance policy during the duration of the term? By Insure.com | Posted on September 8, 2010 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain our editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria. No, you can’t change your level of coverage on that policy, but you could buy an additional small term life policy to provide the extra coverage you need. 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. One option you might consider is “return of premium” term life insurance, which pays back your all or part of your premiums at the end of the term if you outlive the policy. Expect to pay more in premiums than you would on a comparable traditional term life insurance policy. Instead of buying coverage in addition to the term life policy you already have, you could drop your old policy and buy a new, larger term life policy. Get life insurance quotes for both options to see which costs less. 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. Related Articles What happens to the cash value of my whole life insurance policy when I die? By Nupur Gambhir What is guaranteed cash value in a life insurance policy? By Laine Adley Can I withdraw money from my term life insurance? By Nupur Gambhir Do life insurance policies pay out if a person dies of old age? By Les Masterson Can you cash in a paid up life insurance policy? By Les Masterson How to forfeit life insurance proceeds? By Susan Manning