Requesting a Change to a Life Insurance Policy

Many people today have a life insurance policy in one form or another that they pay a premium to maintain. When a change to the policy needs to be made a request can be made over the phone, by mail in writing and more recently online at a company’s website. Sometimes a change that is requested can change the billing or premium amount on the policy.

One of the most efficient and easiest ways to request a change to a life insurance policy is to request a change by using the telephone. Many of the larger regional and national insurance companies have an automated phone system in place when a customer calls. The telephone is also a good option when specific changes need to be made such as a coverage selection or a change in deductible. A company representative usually has immediate access to a customer’s policy information and can answer any questions a customer may have. Make sure any policy changes are understood and an updated policy is sent before ending the conversation.

Another way to request a change to a life insurance policy is to send a signed letter indicating what needs to be changed on the policy. A letter can either be type or hand written as long as it is legible and indicates the specific changes that need to be made. Sending a letter is a good way to make a change to the billing method as well as the minimum amount or premium that needs to be paid. Keep in mind that it will take time for a letter to go through the mail before the requested changes are made. When a letter is sent there should be an additional request for a confirmation of the changes to know that the insurance company received the letter.

Many insurance companies today provide online access from their website for their customer’s to access their life insurance policies. This allows a customer to make various changes to their policy themselves providing they can log on to an insurer’s website. Making a change online is a convenient way for people to make changes themselves providing they know how they will affect their policy. Some insurers may limit the type of changes that can be made online so an insured does not made an unintended change. Some insurers may not allow changes online to certain types of policies because there can be adverse affects.

Changes that requested to be made to an insurance policy during the policy term can sometimes change the billing or premium amount of the policy. As a result a new billing statement may be sent indicating any change in the premium amount. A requested change can also have the effect of lowering the premium that is paid for a policy.