When would evidence of insurability be required for a person already covered with a variable universal life policy?

In the context of variable universal life insurance policies, evidence of insurability is often required when there is an increase in the death benefit. This is because an increase in coverage represents a higher risk to the insurer, as it exposes them to a larger potential payout in the event of the insured’s death. Therefore, insurers typically request evidence of insurability—such as a health examination or other medical information—to assess the current health status of the insured before agreeing to the increased coverage.

This requirement serves the dual purpose of protecting the insurance company from unforeseen risks while also ensuring that the insured still meets the underwriting criteria, considering any changes in their health status since the original policy was issued. In contrast, changes such as lower premiums or a decrease in the death benefit generally do not necessitate resubmitting health information because they either represent reduced risk or less coverage. Similarly, reaching a certain age often does not automatically trigger a reevaluation of insurability unless it specifically relates to a policy’s terms regarding coverage amount adjustments.