Common use of Optional Life Clause in Contracts

Optional Life. you may elect to change the level of your Optional Life Insurance coverage without evidence of health when any change in marital status takes place or when you acquire a dependent provided you make application within 31 days of the date of the change • you may elect to increase or apply for new coverage for any other reason, however, evidence of health is required and is subject to approval of the insurance carrier • you may elect to decrease or cancel coverage at any time • there is not an option to change the level of coverage as outlined above in the “Changes in Amounts of Coverage” section • you may elect to cancel your coverage at any time • additional coverage on your spouse is available in increments of $25,000 to a maximum benefit of $500,000 • you may elect to increase or apply for new coverage for any reason, however, evidence of health on your spouse is required and is subject to approval of the insurance carrier • you may elect to decrease or cancel coverage at any time