Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Life Insurance Policy

You do have the option to change a life insurance policy as your needs and lifestyle change. Once you have a life insurance policy there is little maintenance to do for it except maintain the premiums and ensure all of the information your insurance agent has on file for you is current.

However, there are certain times when you may need or may want to make changes to your life insurance policy, such as update personal information or change your beneficiary.

You may also decide to convert your life insurance policy from a term life policy to a whole life policy. You can make basic changes to almost any life insurance policy, but not every policy qualifies for conversion. Other changes that may be allowed vary by the insurance company and by the policy.

Read on to learn more about making changes to a life insurance policy and then be sure to enter your zip above for a free life insurance comparison!

Changing Personal Information on a Life Insurance Policy

Your life insurance policy has basic information on you that should be maintained at all times. If you change your name, change your phone number or move to a new address, then you should let your agent know as soon as possible so that he can update your life insurance policy.

It is a good idea to review your policy annually just to confirm that all of your personal information is current and valid. If any of the information is erroneous, you need to notify the insurance company right away and have your policy corrected. This is true for all components of the life insurance policy, not just your personal information.

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Changing Beneficiaries on a Life Insurance Policy

Some life insurance policies are established very early in life and along the way intended beneficiaries can change. For example, your previously listed beneficiary may become deceased or may have fallen out of favor, such as an ex-spouse. It is also possible that you may decide to add some beneficiaries to your policy, such as if you have more children or you decide a worthwhile not for profit organization should receive part of your death benefit.

Whatever the reason is that you want to change your beneficiaries, it is important to do so right away. Whoever is listed on your life insurance policy as your beneficiary at the time of your death is the legal recipient of your life insurance death benefit. No other document will be accepted as proof that you wanted or intended to change your life insurance policy, so keep your policy up to date at all times.

Changing your beneficiary is not complicated, but since a life insurance policy is considered a legal document it must be done through the appropriate system. Check with your agent for what form needs to be completed in order to update your beneficiaries and then make sure you receive a documented copy of your revised life insurance policy reflecting the new change(s). Review your policy on a regular basis, such as annually, to make sure the policy still reflects your intentions.

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Converting a Life Insurance Policy

Not every life insurance policy can be converted, but almost every term life insurance policy can be converted either in whole or in part to a whole life insurance policy. Term life insurance is usually purchased initially because of the cost difference between term life and whole life insurance. However, term life does not provide the same benefit as whole life since a term life insurance policy actually expires after a pre-determined set of time and whole life lasts your whole life. Also, some people choose term coverage because they want to have control over their investments that a whole life policy does not offer.

If you buy a term life insurance policy you have the option of converting all or part of it to a whole life insurance policy. For details on your current term life plan, review your policy or contact your agent. If you are considering buying a term life plan, ask about your conversion options before making the final purchase. Once you decide to convert your term life to whole life, look at the whole life plans offered by your insurance company to find the one that best suits your insurance needs. Your agent will provide the conversion form for you to complete. Be sure you receive your new policy and review it for accuracy. Any errors should be reported and corrected right away.

Whether you buy term life insurance or whole life insurance, you need to make sure that your policy is always correct and current. Confirm all of the details in the policy when you first receive it, and then make any corrections to it as you go along by notifying your agent of personal changes or of desired changes. Making corrections, updating your own information, and even revising your beneficiaries can be easily handled with some paperwork requests.

Changing a life insurance policy from term life to whole life is a little trickier but can be done easily enough with some forms provided by your insurance company. Before making any decision on buying a life insurance policy or converting one over, it is a good idea to shop around for different rates.

Changing to the Best Life Insurance

If you think that you are paying more for life insurance than you need to then why not compare rates to see if you should change your life insurance? You can get free quotes now by using the online life insurance quote tool provided. Just enter your zip code to start comparing insurance quotes!