You shouldn’t drop your term life insurance policy unless you no longer have a need for any life insurance protection.
Term life is the cheapest type of life insurance policy to own for the short term.
However, if you found a lower rate through another life insurance carrier for the same length of "term" as your current life insurance, and you have already been approved for the coverage, you may want to consider switching carriers.
However, if you do switch life insurance companies for a new life insurance policy, the two-year Incontestable Clause starts again, which means the insurer can contest any claim made within the first two years they insure you for life insurance.
Term life is the cheapest type of life insurance policy to own for the short term.
However, if you found a lower rate through another life insurance carrier for the same length of "term" as your current life insurance, and you have already been approved for the coverage, you may want to consider switching carriers.
However, if you do switch life insurance companies for a new life insurance policy, the two-year Incontestable Clause starts again, which means the insurer can contest any claim made within the first two years they insure you for life insurance.
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