Purchasing the right amount of coverage has always been a source of anxiety for potential buyers of life insurance. Not buying enough coverage isn’t the end of the world. You can buy a separate policy to make up the deficit. The new policy will be subject to underwriting, so if your health deteriorated since the last policy, you might have to pay more. The new policy will be rated on your current age, so if you’ve had a birthday since your last policy, the rates are likely to be higher because of it. Also, almost every policy has an annual policy fee built into the monthly premium. If you have multiple policies, you will likely pay multiple policy fees. Policy fees for small whole life policies will run about $40 for the year.