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I am thinking about replacing an existing policy. What are my risks?

April 26, 2017existing policy replacing thinking

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I am thinking about replacing an existing policy. What are my risks?

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The first thing you should be aware of is that any new policy will have a new suicide period (normally 2 years) and a new contestability period (again, normally 2 years). Also, if you are replacing a term policy with a term policy, be sure to compare things like the rate guarantees, convertibility, company strength, as well as price. Please remember that there are no guarantees that you will be offered a new policy. Do not cancel anything until you secure your new coverage and confirm that the new policy is in force.