When Should You Review Your Life Insurance?
Life is full of changes, and your life insurance should keep up. Updating your life insurance in BC ensures you have the right protection when you need it most. How will your life insurance needs change over your lifetime? Regularly reviewing your policy ensures you have the right protection when you need it most. Common reasons to reassess your coverage include:
- Marriage or divorce
- Welcoming a new child or taking on dependents
- Buying property or accumulating debt
- Career changes affecting income
- Approaching retirement
Can You Change Your Life Insurance Policy at Any Time?
Many people wonder, can you change your life insurance policy at any time? The answer depends on your provider and policy type. Some modifications, like increasing coverage, may require a medical exam, while others, like adjusting beneficiaries, are often simple updates.
Updating Your Life Insurance in BC: Options to Adjust Your Coverage
If your financial situation changes, consider the following ways to modify your policy:
Increasing or Decreasing Coverage
- Increase coverage to account for new financial responsibilities, such as a mortgage or dependents.
- Decrease coverage if major debts are paid off or your dependents become financially independent.
- Some policies allow changes without requiring a medical exam.
Switching from Term to Permanent Insurance
- Many term policies in British Columbia include an option to convert to permanent insurance without a new medical exam.
- Permanent policies provide lifelong protection and build cash value.
- A great choice for estate planning and securing long-term financial stability.
Adding Beneficiaries and Policy Riders
Can you change your life insurance beneficiary? Yes! Many policies allow beneficiary updates at any time, ensuring your benefits go to the right person. Additional policy riders can also enhance coverage, such as:
- Critical Illness Rider – Provides financial support if diagnosed with a severe illness.
- Disability Waiver of Premium – Waives premiums if you become unable to work.
- Child Rider – Extends coverage to your children under your existing policy.
Contact Us
Your life insurance policy should evolve with your financial needs. Whether adjusting coverage, switching to permanent insurance, or updating your beneficiary, keeping your policy up to date ensures financial security for you and your loved ones. Contact us to explore your options and make informed decisions. 1-866-497-6231