Is it possible to change my life insurance policy if I already have one?

You can replace your current policy; however there are several issues to consider when determining to change coverage. New policies typically have high costs the first few years. If you want to increase your total life insurance, it may be wiser to keep your old policy and simply add a new one, or increase your specified face amount under the same life insurance policy. Your existing policy premiums will generally be less than those for a new policy, because you bought it when you were younger and you won't lose any existing cash value. A new policy will contain a contestable clause, which will permit the insurance company the option to contest any material misrepresentation. (The two year period on your current policy's contestable clause may have expired.) Be sure to ask your agent, financial advisor or insurance company about the best alternative for your specific situation.