Policy Change

 Policy Change

Can you change your insurance policy?
A: As long as you are a designated policyholder, you can make changes to your auto policy as often as you want, you don't have to wait for renewal. You can make continuous changes throughout the year and only pay for the part I use.

Can you reduce your life insurance policy?
Reduce the face amount of the policy. Most life insurance companies will allow you to reduce the amount of the death benefit in exchange for a lower premium. If you decrease the face amount of a sufficiently permanent life insurance policy, your insurer may consider you have "paid off" and allow you to stop paying premiums altogether.

What are changes to insurance policies called?
An insurance approval, also called a pilot, is a change to your insurance policy that governs your coverage. Adding an approval to your existing insurance contract usually means adding or modifying coverage.

Who can modify an insurance policy?
In most cases, only the policyholder can change the beneficiaries of a life insurance contract. Here's how and when to change a beneficiary and when another person's consent may be required.

Can I change my life insurance contract at any time?
As the owner of your life insurance policy, you are in control of your life insurance choices. Neither the beneficiaries nor the life insurance policies can be changed without your consent. The only exception to this rule may be if the beneficiary of your life insurance policy is irrevocable.