Policy Replacement Request

From time-to-time policyholders feel the need to replace a policy.

A Policy Replacement happens when a policyholder replaces his or her current policy with a new policy. Once approved under the new policy, the policyholder stops paying premiums towards the previous policy and begins paying premiums to the new policy.

A Policy Replacement is not required to happen within the same insurance company; the new policy could be issued by a different insurance company, with a different face value, and different riders.

It is important to remember to always consult with a licensed agent before replacing your policy! Your policy could include return of premiums and other benefits you may not be aware of.

Often, calling the insurance company directly is a big mistake since they are less likely to make you aware of monetary values you may be relinquishing by replacing. Remember, once a policy is replaced, there is no turning back and returns of premium, if any, are lost. The replacement will require a new application at the attained age and under the latest medical conditions, including past prescriptions for previous conditions.

Reasons may vary, but we find that the most common reasons policyholders feel the need to replace a policy are:

• Policyholder wants to switch from a Term to a Whole Life policy.
• The debt the insurance is to cover has increased or decreased.
• Policyholder’s circumstances changed and needs different coverage.
• Policyholder can’t afford the premiums or feel they are too high.
• Policyholder feels has found a lower rate for the same coverage.
• Policyholder feels has found better benefits for the same coverage.

Please fill out and submit the form below to request a Policy Replacement and we will make sure to go over your policy to ensure you do not relinquish any return of premiums you may be entitled to before replacing.