Does it make sense to replace a policy?

It ALWAYS makes sense to shop around, and it may make sense to replace your policy if:

• Your premium increases each year. Even though you are older now then when you first purchased your policy, a term policy with level premiums may be less expensive than the increasing term premium policy. It pays to shop.
• Your original policy was issued at a higher rate due to health issues. Each company uses different underwriting guidelines, if you are with the wrong company you may be able to save.
• Your health status has improved: If your health has improved through exercise, weight loss, better blood pressure or cholesterol control, etc. you may be able to obtain a better rate.
• You quit smoking or changed your smoking habits. If you are a former cigarette smoker, you should definitely shop around for a better rate. As soon as you have been a non-smoker for 12 months or more, non-smoker rates are available to you. If you have always been an occasional cigarette smoker, there is now a company available that will offer you non-smoker rates.

If you do shop around for a new policy, NEVER let your existing coverage expire until the new coverage is effective. Return to Questions