How to Change the Maturity Date of Life Insurance


The maturity date of an insurance policy refers to the date at which the policy is no longer in force. In term life policies, the policy simply ends at this date. In whole life policies, the insurance company pays a specified amount to the insured if he is still alive at the maturity date. In most insurance contracts, changing the maturity date is impossible. You can, however, request a new policy or manipulate the policy's value. This will often accomplish the same goals you wanted to accomplish by changing the maturity date.

  • Take advantage of a policy's grace period. Each state has its own law that allows you to cancel a policy if you change your mind after signing the paperwork. If you're still within that window, you can cancel the policy at no penalty, then start again to reset the maturity date.

  • Request a new policy from your insurance agent. This means you cancel your existing policy, and set up a new one with a different maturity date. Note that, because your insurance rates go up with every new birthday, this plan is only viable during the first years of your policy.

  • Ask your agent about a policy extension. In some cases, insurance company policy allows an insured person to extend the length of an insurance agreement without changing the cost of the policy—or at a rate lower than if he had cancelled the existing policy and requested a re-issue. Insurance companies sometimes offer this option in a finite window, in order to generate extra revenue.

  • Make extra payments into the life insurance account. This option is viable for various iterations of whole life and universal life insurance. This doesn't actually change the maturity date of the policy, but it will hasten the date at which the policy's value is what it would be on the maturity date. This is similar to paying extra on a home loan in order to cut down your interest.

  • Take out a loan against the policy's value. This is another option available only with whole life insurance and its variants. Also like making extra payments, this doesn't actually change the maturity date. It will, however, push back the point at which the insurance account would theoretically have reached maturity value.

  • Cash out the policy. With this option, you cancel the policy entirely and receive a payment for the cash value that has accumulated thus far. Again, this doesn't change the maturity date—but it does fulfill the goals some people might have had for making that change.

  • Accept the paid-up value of the policy. Under this option, you stop making payments on the policy, but a life insurance policy remains in force at a lesser value than the original agreement. Like other options, this doesn't technically change the maturity date. It does, however, meet some of the goals you may have for wanting to change it.


  • "Life Insurance and Its Applications"; Irena Kerr; 2001
  • Courtney Rogers; Insurance Executive; AIL; Tigard, Oregon
  • Photo Credit Hemera Technologies/ Images
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