Question

The policy-owner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change?

1) The policy-owner can increase the death benefit without any additional requirements
2) The policy-owner needs to provide evidence of insurability to increase the death benefit
3) The policy-owner can only increase the death benefit during specific policy anniversary dates
4) The policy-owner can only increase the death benefit if the policy has a cash value

Answer 1

The policy-owner needs to provide evidence of insurability to increase the death benefit.

Step-by-step explanation:

The correct statement regarding the policy-owner of an adjustable life policy increasing the death benefit is option 2) The policy-owner needs to provide evidence of insurability to increase the death benefit.

When a policy-owner wants to increase the death benefit of an adjustable life policy, they generally need to provide evidence of insurability. This typically involves undergoing a medical examination or providing medical records to demonstrate that they are insurable.