Circumstances can shift enough that you need to modify your existing VUL life insurance:

Face Amount Increases

If you require higher coverage, the insurer might need additional underwriting to confirm your current health status. Approval isn’t guaranteed, and your COI will likely rise if approved.

Face Amount Decreases

Lowering coverage is usually more straightforward and may reduce monthly charges. However, confirm whether surrender charges apply if the change is made early in the policy’s life.

Adjusting Riders

You might add or remove certain riders, but this can also require underwriting or come with new fees. The availability of riders can change, so older policies might have riders that are no longer offered to new customers, or vice versa.

1035 Exchanges

In some jurisdictions, you can execute a tax-free exchange from one life insurance policy to another that may have more favorable terms or lower fees. This is often referred to as a “1035 exchange” in certain places. Always verify details with a tax professional to avoid unintended tax consequences.