Is it possible to reverse the Rate deduction for a Optional Insurance Plan after the Plan has been r

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My client has a requirement. The EMployees can select 1x - 4x of their annual salary as their Coverage for Optional Insurance . If the Coverage is more than 1x,it will go to a third party for an approval..

We would receive the approval/denial and then based on the results,the Employee is either allowed to continue the 1x coverage or the value they chose above.

One method to achieve it is to open a Life Event called 'Data Correction' and then load the enrollment based on the results. 

But the cons is that the approval might take months and the Rates for that plan would have been calculated for all those pay cycles.