Can I replace my old policy with a new one?
Yes! But, if you already own a life insurance policy, think carefully
before you replace it with another. Do not give up your old policy,
until you can determine if you are:
- Still insurable.
If your health has deteriorated, you may be refused coverage after
a medical exam by the new insurance company.
- Going to save money.
You are now older than when you bought the existing policy and
your premiums will be higher based on your age alone.
- Not giving up valuable benefits.
Your older policy may have protections, dividend rates or other
provisions that the newer policy may not offer.
- Not leaving behind cash value.
Ask your agent what will happen to any cash value that has accumulated
in your old policy if you replace it with a new one.
It is possible that a new policy will offer superior features, lower
premiums and more coverage that would make a switch worthwhile. Just
make sure before you proceed with the replacement. With Permission © Insurance
Information Institute, Inc. - ALL RIGHTS RESERVED -
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