Insurability ... Increasing existing Policy

[mallards]

What is the name of your state (only U.S. law)? AZ

I have had a Universal Life policy for 11 years .. I wanted to increase the value of that policy which the sales agent told me it would be no problem.

After taking some time to review my options, I called him back and wanted to increase the value of my current policy from $100k to $200k. Now he tells me that I would have to go through underwriting all over again and I may or may not be eligible.

I really didn't want to go through medical tests, underwriting etc .... Is there a law that requires them to allow me to increase the value of my existing plan?

Thanks for your help.

 

[Betty]

If you want to increase the amount/value of your policy, underwriting is required by the ins. co. on the add'l. amount. They need to be sure your health, etc. is ok before they are going to increase the amt. & take that additional risk. I am a former life ins. underwriter.