There are a few reasons you might want to change the coverage amount on your life insurance policy. For example, you might realize after signing up that your family could actually use a higher level of coverage—after all, most people get life insurance to help replace the financial support they’d have contributed to their family if they were still around. On the other hand, maybe you decide that your family doesn’t need such a high level of coverage after all.
Depending on the state you live in, you can decrease the coverage amount and change the term length at the time of purchase. If so, you’ll be able to view the various options at checkout.
You also have the option to decrease your coverage amount at any point after purchasing your policy. You’ll need to complete a change request form; our customer success team will help you get started. You’ll need to include your policy number when you complete the form. If you don’t know your policy ID, you can find it by signing in to your Fabric account and selecting Settings at the bottom of the Dashboard.
Currently, Fabric lets you decrease your coverage amount after you already have a policy—just shoot us a note and a customer success team member will help you. At the moment, you can’t increase the coverage amount on your Fabric policy after an offer has been made or after a policy has been purchased.