There are a number of reasons you might be considering changing your life insurance policy, such as finding a more affordable option or needing to add a beneficiary, but there are a number of factors you should consider before you change life insurance. At SelectQuote, we can help you explore your options and determine if switching policies is right for you.
7 Reasons to Change Your Life Insurance Policy
Life happens and it’s not uncommon for individuals to consider switching life insurance policies. Some of the main reasons you might be thinking about changing your life insurance policy include:
- Finding a cheaper policy
- Life changes, such as a marriage, buying a house, having children, etc.
- Needing to change or add a beneficiary
- Finding out there might be a better policy type for you, such as term life insurance or permanent life insurance
- Change in financials
- Interested in cash value vs. borrowing from your life insurance policy
- Employer provided life insurance isn’t providing enough coverage
As the policyholder, you’re in control of your life insurance choices, but there are a number of factors to consider before changing your life insurance policy.
Tips You Should Know Before Changing Life Insurance Policies
Before you switch your life insurance policy, you should check with your carrier and see if there’s a way to adjust your existing policy. This could help prevent upfront fees, tax consequences and a potential waiting period. Depending on benefits and coverage, the price of a new life insurance policy could also be more expensive. These are all factors to take into consideration before you decide if changing your life insurance policy is right for you. If you’re unsure where to start, our life insurance calculator can help you determine the right amount of coverage for you.
How can I switch my life insurance policy?
Switching your life insurance policy starts with determining the type of policy and how much coverage is right for you. Whether you’re trying to adjust an existing policy, looking for new coverage or are interested in learning more about converting term life insurance to whole life insurance, we can help.
Shop Life Insurance Policies and Find the Right Replacement for You
At SelectQuote, we can help you consider all your life insurance options and determine the right coverage for you. We can provide you with free life insurance quotes and compare rates from some of the most trusted insurance companies on your behalf in just minutes.