10 December, 2020

What if I haven’t had a qualifying life event, but I want to increase or decrease my coverage?

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We always recommend you work with your Financial Professional to determine your needs. If you find that your needs have changed for reasons that are not included in the qualifying life events, you can request to increase or decrease your coverage at any time. For an increase in coverage outside the qualifying life events, you would need to go through underwriting again and a new health rating would apply to the additional coverage. The health rating and premium for the previous coverage do not change. On the bright side, there’s no need to buy a second policy, as your Next Term Life policy can easily flex up or down. And, if you ever need to decrease, just let us know and we’ll make the change on your coverage amount without hesitation (Note: you must maintain minimum coverage of $250,000). Decreases must be in $50,000 increments.