The policyholder can change the beneficiary of their life insurance at any time. In specific cases, policyholders need approval to make a change. If you want to change your life insurance policy, the first step is to compare prices and policies. As you age, the cost of life insurance may increase due to the increased risk of filing a claim on the policy.
If you decide to switch life insurance providers, you can purchase a new “recharge” policy with another company or completely replace your current policy. It is important to consider changing your life insurance if any of these things happen, in order to ensure that it fits your current family dynamics. The financial strength rating of John Hancock Life Insurance Company (U. S.) is subject to change and is dependent on the company's ability to pay claims and comply with the guarantees offered in the contract and applicable optional clauses. If your current life insurance policy does not provide enough protection, you can purchase a second insurance policy.
Your life insurance company will make payments after your death to the person you name in your policy. You may be charged a fee for making changes and your premiums may change, so it is important to let your insurer know before making any changes. Read our expert guide on how to change a life insurance policy if you are considering making a switch. If you write your life insurance policy in trust, there are some circumstances in which beneficiaries may be changed. Group life insurance is offered by employers and groups such as churches, unions and other associations.
Financial strength ratings are not an evaluation, recommendation or guarantee of specific products or their return or investment value, do not apply to individual securities held in any portfolio or to the practices of an insurance company, and do not apply to the safety and performance of separate accounts. At John Hancock Life Insurance Company of New York, we offer a number of additional benefits at no extra cost, such as making changes to your policy for added peace of mind. If you wish to make changes to your beneficiaries, you can do so with what is known as a “wish letter” which indicates who you would like your life insurance money to go to. When it comes to changing a life insurance policy after it has been issued, there are several options available. You can switch providers and purchase a new “recharge” policy with another company or completely replace your current policy. You may also be able to add additional coverage if needed.
Additionally, if you have written your life insurance policy in trust, there are some circumstances in which beneficiaries may be changed. It is important to consider changing your life insurance if any of these things happen, in order to ensure that it fits your current family dynamics. Before making any changes, it is important to let your insurer know as you may be charged a fee for making changes and your premiums may change. If you are considering making a switch, read our expert guide on how to change a life insurance policy. This guide will provide all the information you need about changing a life insurance policy after it has been issued.
