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Does it Ever Make Sense to Replace an Existing Term Life Insurance Policy?

At we encourage all visitors to the site to shop around, you never know if you can find a better deal on Term Life insurance. However, there are certain circumstances under which you may want to consider replacing an existing policy. For example, if you premium is increasing every year, you may save money by switching to a term life policy with a fixed premium.

If your original policy premium is high, you may save by switching to another insurance company whose health underwriting policies may not be as strict. Also consider that your health may have improved since you took out your original policy. If you have made life style changes such as quitting smoking, lost weight, or brought your blood pressure under control, applying for a new policy now, may save you money.

One note of precaution, DO NOT EVER cancel an existing policy while you are shopping around for a better life insurance deal. You can have as many life insurance policies in effect as you want, so do not cancel an existing policy until you are sure your new coverage is effective.

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