I would say that it depends on your policy, Paul, and the type of plan. For Group Life Insurance through your employer, it’s been my experience that there are maximum amounts of coverage with some plans having an option to purchase more if your income exceeds the maximum. If it’s a private plan, you would need to check with your policy advisor.
In my opinion, you have to review your life insurance policy contract and speak directly with your insurance provider or financial advisor to understand the specific options available to you for making changes. Some changes, such as increasing coverage or extending the policy term, may require additional underwriting or could result in changes to your premium costs.
Paul, in my experience most insurance companies would consider allowing changes when your personal situation has a major change, e.g. death of a spouse, divorce, new marriage, sickness in family, annual renewals, so my suggestion is reach out to your benefits administrator by email and ask the specific question you want answered. They will provide you with insight into what options are available under your plan rules.
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