However, there are certain circumstances under which you may want to consider replacing an existing term life policy.
For example, if your premium is increasing each and every year, you may save money by switching to a term life policy with a fixed premium for a set nu,her of years.
If your original term life policy premium is high, you may save by switching to another life insurance company whose health underwriting policies may not be as strict, and offer you a more affordable premium.
Also consider that your health may have improved since you took out your original life insurance policy.
If you have made lifestyle changes such as quitting smoking, losing weight, or brought your blood pressure or cholesterol under control, applying for a new term life insurance policy now may save you some money.
Please Note: Do not ever cancel an existing life insurance 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 insurance policy until you are sure your new life insurance coverage is effective.
Here's how to buy affordable term life insurance coverage today without any health exams.