Should You Switch Life Insurance?|
Here's what consumers need to know:
|1. Savings can be significant.
||If you bought term life insurance years ago and
your health hasn't significantly declined, you can probably save
money by switching policies (perhaps as much as 60%.) This is due
to the increasing lifespans of Americans.|
|2. Contestability Period.
||Within this period (usually the first two years of
your life insurance policy) the insurance company can investigate
the statements you made on your application, and can legally
refuse to pay the death benefit if there are relevant
inaccuracies or omissions.|
|3. About your old policy.
||Always make sure your new policy is in effect
before canceling the old one.|