Insurance
Should You Keep an Existing Life Insurance Policy?
The short answer
Often, yes. Before canceling or replacing a policy, understand what it provides and what it costs. An older policy can hold real value, and replacing it isn’t always in your interest.
Questions to ask before changing anything
- What does the policy actually cover, and is that need still there?
- Does it have cash value or features that would be costly to give up?
- Would a new policy require new underwriting (and possibly higher costs at your current age or health)?
- Who benefits from the change — you, or someone selling it?
This is exactly the kind of decision where Tracy’s promise applies: if keeping your existing policy is the right move, she’ll tell you.
Try it: Not sure how much coverage your family needs today? Use the Life Insurance Needs Calculator.
Have questions about your own situation? Tracy is glad to talk it through with you — clearly and without pressure.
Educational only. Replacing life insurance may involve costs and new underwriting and is not always appropriate. Guarantees depend on policy terms and the issuer’s claims-paying ability. Not tax, legal, or investment advice.