Basic question about "increasing" a term policy amount
Situation: 30 year term policy taken out at age 39. $1.5M payout. Current age is 46.
At the time, policy holder was active duty military, and insurance company claimed their max benefit amount in that case is $1.5M. We applied for $2M in coverage and they knocked it down to $1.5 due to this military sitiation.
Policyholder is now retired from military. We would like to increase this policy benefit, and we are CONSTANTLY getting letters in the mail asking if our coverage still meets our needs.
What I want to ask is, is increasing the coverage as simple as just saying we want more and paying more per month or will they reissue a new policy for the remainder of the term, and reasses health and such at the same time?
I worry that my husband is no longer insurable due to new health issues over the last few years. I al a SAHM and we have 2 special needs young adult children who we need to plan long term for. If asking for a new policy amount will open up a can of worms and potentially cost us the coverage already in place, I won't mess with it.
Policy is with Corebridge (was AIG when we took out the policies).
submitted by /u/brergnat
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