You've done a life insurance self-check and now it's time to take the next steps with your existing policy. What should you do? Here's a step-by-step process that will help you find the right policy for you.
{AUDIO} What to Do With an Existing Life Insurance Policy
Step 1) Ask yourself, "Does my current policy fit my needs?"
If you have a permanent life insurance policy or your income has changed drastically since the inception of your term policy - there's a high likelihood your policy does NOT fit your needs. Move on to Step 2. If your current policy does fit your needs, we still recommend you shop around. Much like car insurance and internet services, it oftentimes pays to ask your policy provider how they can help you further on your rate or look around at other companies.
Step 2) Shop around for a new policy
When you shop around for a new life insurance policy, make sure you go to sources that will look at rates from all life insurance companies. Chances are you will not get the best rates by going to individual life insurance providers. Look for independent agents whether in-person or online.
Step 3) Do NOT cancel until you get your new policy
When you begin a new life insurance policy, it's important you do NOT cancel your old policy until everything is up and running. Depending on the life insurance provider and their underwriting process, you will likely have to get a physical or do blood-work. This process might take some time, so, remain patient.
If you have any questions or concerns regarding your life insurance needs or policies, please call 320.222.4236 or email me directly at [email protected].