Yes, you can switch life insurance companies by the process of replacement, or by dropping your old life insurance policy and purchasing a new life insurance policy from another life insurance company.
If you have permanent life insurance with cash value, the replacement will involve a 1035 exchange to get the cash from one life insurance policy into another policy.
Keep in mind that when you do a replacement of an existing life insurance policy, or get a new life insurance policy, all policy provisions, surrender charges, etc., start all over again. This means, the 2 year contestable clause starts all over again, and the 2 year (1 year in some states) suicide exclusion begins again, too.
The switch is not simply switching life insurance companies buy re-instating certain limitations on your life insurance coverage for the first 2 years you are insured under the new life insurance policy.
Here are come helpful life insurance tips for your review.
If you have permanent life insurance with cash value, the replacement will involve a 1035 exchange to get the cash from one life insurance policy into another policy.
Keep in mind that when you do a replacement of an existing life insurance policy, or get a new life insurance policy, all policy provisions, surrender charges, etc., start all over again. This means, the 2 year contestable clause starts all over again, and the 2 year (1 year in some states) suicide exclusion begins again, too.
The switch is not simply switching life insurance companies buy re-instating certain limitations on your life insurance coverage for the first 2 years you are insured under the new life insurance policy.
Here are come helpful life insurance tips for your review.
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