Typically, you won't be able to add a term rider to a policy you already own. Most companies and policies do allow you to remove a term rider from your permanent life insurance policy before the rider's term is over. This can be a way to save on your premium if you're sure you no longer need the increased death benefit — for instance, if you pay off the house early or your kids start supporting themselves sooner than you planned. Insurance companies aren't required to let you remove the rider, though, so check with yours before purchasing.