NO, you cannot increase the amount of life insurance coverage provided by your existing term life insurance policy, but you may be able to increase the term length (duration of coverage) by converting your term insurance policy into a permanent life insurance policy.
Many life insurance carriers offer riders that allow for term conversion to permanent coverage, which can convert your term life to a permanent policy at the end of your policy term.
This conversion would transition your temporary life insurance to permanent coverage lasting for your entire lifetime. This doesn’t increase your amount of life insurance it increases the duration of time you are insured.
Buy a New Policy
You do have the option to purchase a new life insurance policy, which would increase the amount of life insurance you own. You may be able to get a term policy, a permanent policy, or both. Remember, you can own more than one life insurance policy.
Here are some ways to help you in increase your amount of term insurance coverage.
Buy Another Term Life Policy
If you want to upgrade your term policy coverage, you can purchase another policy that has a higher level of life insurance protection.
However, you will need to go through the entire buying process again, which includes searching for the right life insurance policy, and going through medical screenings again.
Keep in mind, an increased amount of life insurance coverage will usually come at a higher price.
Also, you may be denied coverage depending on your current health.
Can I Increase My Existing Term Life Insurance Coverage Amount?
While you can’t usually increase the death benefit amount for a term policy, you can use a term conversion rider to increase the term length and convert the policy to a permanent policy.
What is an Increasing Life Insurance Policy?
This is an uncommon type of term life plan that has a death benefit coverage amount that increases over time.
Can You Have More Than One Term Policy?
Yes, you can have multiple life insurance policies. There may be a limit on how much total insurance coverage you may own, which should be proportionate to your total financial obligations.
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Resources:
Can You Increase Term Life Insurance Coverage?
Can Term Life Insurance Premiums Increase?
Buy Life Insurance That Starts Immediately
Is Term Life Insurance Renewable?
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