Need A Financial Product Forums Insurance If we need to replace a policy do we need to cancel the first one?

This topic contains 1 reply, has 2 voices, and was last updated by  Ramshankar Pandit 2 years, 5 months ago.

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    If we need to replace a policy do we need to cancel the first one?

    #47691

    Since buying a life insurance policy is a long-term commitment, it is not advisable to terminate your policy early as you will not receive the total amount of premium that you have paid because the surrender value is usually less than what you have paid and replacing an existing policy with another is not in your best interest because the new policy is likely to be at a higher premium as you are older. There will also be an initial cost of writing the life insurance policy for a second time and present life insurance company can often make the changes that you want at lower cost to you.

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