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Can you buy additional term life insurance policies?

We each bought a term life insurance policy about four years ago (they last 30 years) but are now thinking the amount we chose is not enough. Can we get additional term life insurance for higher amounts to "add on" to the first policy?

Public Comments

1. Yes you can.
2. Yuppers. And thanks for the reminder. I gotta get me one of those.
3. higher the one u have or take out as many more as u like
4. You can do either, increase the current limits subject to underwriting approval, or purchase an additional policy.
5. check here http://www.jdoqocy.com/click-1748196-10310123
6. You can buy another term policy, but I wouldn't recommend it because one policy has about $100 annual fee that is added to the premium. You should add the coverage to the current policy. It may cost you less per thousand face amount, or a little bit more. For example, lets say you have $100,000 coverage and the cost per thousand face amount is $1.5/year. That mean you would be paying $150/year for that coverage. If you want $250,000 coverage, it may be $1.00/year per thousand face coverage. So it would cost you $250/year. What if you just decide to get another 30 year term policy with $150,000 coverage? The cost per thousand face amount may be $1.20/year. So it would cost you $180/year. $180+$150 = $330/year. That's an $80 difference! Anyway, these are just hypothetical numbers and it does not include the policy fee (just add whatever the policy fee is to the calculations). You should contact the agent to see the difference of premiums by combining the coverage together or buying another term policy. You may come to same conclusion that adding coverage to the current policy may save you money (its only been 4 years). Either way, you will need to provide proof of insurability, which I don't see a problem here since the medical testing is free and only take a few minutes to do. Of course the agent may not want to do all this work. He/she may rather sell you another life policy than do all the work of calculating numbers. So you have to tell the agent what you want vs what the agent is telling you what you should do.
7. If you qualified for the first policies, you should be able to qualify for additional coverage "added on" to your existing policies - hopefully without having to take a medical exam. Maybe you already took one to qualify. You can contact your life insurance company direct using the phone number that's on the cover page of your life insurance policy, if you have received it yet, or contact your agent and ask for quotes for additional coverage. You may want to use a life insurance calculator to determine how much life insurance you want to add. Visit http://www.term-life-online.com/term-life-insurance-calculator.html to use their free calculator. It only takes a couple minutes. I hope that helps! Best of luck to you.
8. yeah, but one policy per family is all you should get. just add more coverage to it.