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When you review your life insurance policy in Albertville, Minnesota, you may discover that the current policy no longer fits your needs. Depending on your situation, you may discover that you need more coverage or that a term policy is no longer appropriate for your current concerns. Depending on the policy that you obtained, you may be able to make changes.
Conversion Options
Depending on the policy that you obtained, it may be possible to convert your current policy into a different type of plan if you discover that the current plan is not appropriate for your needs.
Read through your policy and look for any details related to a conversion option. A clause or an exception may provide details about your ability to convert your current term plan into a whole-life plan or other similar policy solutions.
Changing Beneficiaries
Although a change to your plan may focus on the funds or the type of plan that you need, it may also be necessary to change the beneficiary on your policy. Changing the beneficiary can take place whenever major changes occur in your life. For example, if you get married, then you may ask the insurer to change the beneficiary to your new spouse.
Making a change of the beneficiary will depend on your situation and the details of your policy. Some insurers may allow you to make changes at any time while others will require a specific reason for the alterations.
It is sometimes necessary to make changes to your life insurance policy. Depending on your situation and the current plan that you purchased, the details about how you can change your plan may vary. Contact us to talk to an independent agent for more details about the options that are available.