Wondering if you can add more people to your life insurance policy as the years roll on? The short answer is yes – and MiWayLife makes it simple.
When it comes to taking out life insurance cover, you’ll have a lot of options when it comes to insurers. Still, the best will know that life insurance should be able to grow and change as you do. That’s why, if you’re with MiWayLife, you’ll definitely be able to add more loved ones to your life insurance policy as your family grows.
Adding Beneficiaries To Your Life Insurance Policy
When you take out a life insurance policy, there are two ways you can use it to create a financial safety net for your loved ones. The first is to include them as beneficiaries. In this case, should you pass away, they’ll receive a lump sum payout that can help them in your absence. (For the record, if you’re with MiWayLife, this amount will grow by 5% each year.)
As life is ever evolving, it’s only naturally that these beneficiaries might change so it’s a good idea to review your life insurance policy at least once a year. The birth of a baby might see you wanting to add a new beneficiary. You can also remove beneficiaries as you see fit.
Adding Additional Lives To Your Life Insurance Policy
Another way to protect your family with your life insurance policy is to add them as a life insured. This means that you’ll be the one paying for their premium, but it’s their life that’s insured so, should they pass away, a lump sum will be paid out to the beneficiaries of their choosing. Many couples go this route – having one life insurance policy that covers both of their lives and listing each other and their children as beneficiaries.
If you have life cover with MiWayLife, you’ll be able to add your spouse and up 8 of your biological, adopted or step children, 4 parents and 8 wider family as additional insured lives by the policy. Just bear in mind that your premium will increase with every new family member that’s added. Again, you can choose to add an additional life to your life insurance policy at any time, as well as remove them.
The bottom line
Nothing stays the same so it’s only natural to want a life insurance policy that can adapt to your unique and ever changing circumstances. MiWayLife knows this and allows you to add additional lives as well as beneficiaries to your life insurance policy at any time. So, why not get a quick quote today?
