Can you increase the amount of a life insurance policy?
You cannot increase the coverage amount of your term policy, but you may be able to increase the term length by converting the policy to a permanent policy. Many insurers offer term conversion riders, which can convert your term life insurance policy to a permanent life insurance policy at the end of its term.
Can you increase the face value of a life insurance policy?
Generally, your policy's face amount doesn't change. You pick that number when you buy your policy and it stays at that level until you pass away, at which point your beneficiaries get that amount of money. In fact, that's one of the key differentiators between life insurance face value vs. cash value.
Can we increase insurance amount?
Almost all insurers will give you the option to increase the sum insured of your existing policy at the time of renewal. While it will slightly increase your premium, this way you can ensure that you have adequate coverage for your and your family's medical needs without paying too much out-of-pocket.
Can you double up on life insurance?
The short answer is yes. You can have more than one life insurance policy, and you don't have to get them from the same company.