At lifeinsurance.org 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 seriously want to consider replacing an existing life insurance policy. Such as: If your premium is going up every year - Even though you have gotten older since you first purchased your policy, it still might save you money to switch to a term life policy with a fixed premium.
If you original policy premium is high based on your health rating– Different life insurance companies use different underwriting criteria, you may save by switching to another company. 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.
Disclaimer - The above description/explanation is intended as a guideline only,and is not to be interpreted as a recommendation to buy or sell any insurance products, or to provide legal or financial advice of any kind. Also, Bergen Insurance. Does not warrant or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed. No reproduction or republication permitted.