Can I get an addendum to an existing life insurance policy?
A: No. The MWP addendum can be attached only at the time of taking the policy. However, to answer the question, if one still wants to protect his family against this then he can do an absolute assignment of the policy even today; after taking the policy even if he is five-ten years down the policy, he can make an absolute assignment of the policy in favour of his wife. So, it does not anymore belong to him, it is not his property so it cannot be attached.
Abhiblog 