Me and my wife just got Life Insurance.
I need to know can if we can change the length after a few years if we decide that we will repay our mortgage quicker then we originally thought we would.
Instead, maybe instead of 30 years we will only need 25 years to repay the mortgage loan.
So, can we then change our life insurance from a 30 year term life policy to a 25 year term?
It would probably be easier to just cancel your life insurance policy when you have finished paying off your mortgage loan, if you find you have no more need for the life insurance coverage.
To switch policies from a 30 year term to a 25 year term wold mean going through the underwriting process again, and the change in premium may not be that much different per month between a 25 year term and a 30 year term, but perhaps you can contact your life insurance agent and insurer and find out if they would adjust the length of coverage to 25 years, and what the change in your premium would be for this amendment to your term life insurance policy.
I need to know can if we can change the length after a few years if we decide that we will repay our mortgage quicker then we originally thought we would.
Instead, maybe instead of 30 years we will only need 25 years to repay the mortgage loan.
So, can we then change our life insurance from a 30 year term life policy to a 25 year term?
It would probably be easier to just cancel your life insurance policy when you have finished paying off your mortgage loan, if you find you have no more need for the life insurance coverage.
To switch policies from a 30 year term to a 25 year term wold mean going through the underwriting process again, and the change in premium may not be that much different per month between a 25 year term and a 30 year term, but perhaps you can contact your life insurance agent and insurer and find out if they would adjust the length of coverage to 25 years, and what the change in your premium would be for this amendment to your term life insurance policy.
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