Why Should I Consider a Life Insurance Policy Replacement?

Why Should I Consider a Life Insurance Policy Replacement?

A life insurance policy is a financial asset, which needs to be reviewed on a regular basis to ensure you are getting the value you expect, in exchange for the premium dollars you pay to the life insurance company. Your policy could be affected by a change in personal preference, the issuing company’s financial condition or increased competition in the insurance industry. In some instances, replacing your pre-existing policy with another one may be more beneficial for you, but it is a very big decision to make.

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Breaking Down Myths About Life Insurance

Breaking Down Myths About Life Insurance

Life insurance replacement simply means discontinuing one life insurance policy to purchase another one. And, since life insurance is a complex financial tool, policy replacement is a very involved decision-making process. People in the life insurance industry are typically against policy replacement because they believe it does more harm than good. However, there are circumstances where replacement has benefited the policy owner. However, there are circumstances where replacement has benefited the policy owner. Since this…

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You Need to Know This Before Replacing a Term Life Insurance Policy

You Need to Know This Before Replacing a Term Life Insurance Policy

If are considering term life insurance replacement, use the worksheet provided here to help make your decision easier. This worksheet summarizes some important factors to consider. Not all of these factors necessarily apply to your situation. It is not an exhaustive list, but it covers the most likely scenarios. However, it is a good place to start deciding whether or not to replace an in-force term policy with another one.

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How can I replace a permanent life insurance policy?

How can I replace a permanent life insurance policy?

Because of the cash-value elements and its complexities, it is much more difficult to analyze a permanent life insurance policy in a potential replacement situation. Also, there are many different types of permanent policies. The worksheet provided here offers assistance on any policies that builds cash value, including whole life, universal life, variable life, variable universal life, and other variations.

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Ask questions before replacing a life insurance policy

Ask questions before replacing a life insurance policy

Life insurance is complex financial tool, which is unique in the way it provides financial stability and security for an insured’s beneficiaries. With this being said, every decision about one’s life insurance policy should be carefully looked over. Replacing one’s life insurance policy for another policy is one of the biggest decisions you can make. It could either be a very good or very bad decision, which is why you should ask yourself the following questions.

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Why should I keep my current life insurance policy?

Why should I keep my current life insurance policy?

Replacing an existing life insurance policy is a difficult decision to make, which may even require additional assistance from your life adviser or insurance company. Replacing your policy could either be a very good or very bad decision. While replacing your life insurance policy may work in some instance, most of the time this isn’t the case. There are many factors to take into consideration before replacing your policy.

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Why discontinue insurance policy to purchase another?

Why discontinue insurance policy to purchase another?

To put it simply, life insurance replacements means discontinuing one life insurance policy to purchase another one. Reasons for insurance replacement vary from person-to-person; there is no one-sizes-fits-all reasoning behind replacement. When considering replacing your pre-existing policy, there are several issues that favor policy replacement.

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