Please ensure Javascript is enabled for purposes of website accessibility A Guide to Changing Your Life Insurance

A Guide to Changing Your Life Insurance

Adulthood is a daunting but inevitable part of life where we know what we want or need and learn to protect our hard-earned wealth. Besides having bank accounts, you can get financial security by investing in life insurance. This monetary plan covers your loved ones after you die. However, as your circumstances change, you may consider switching policies to a new provider or type of policy. 

If you want your loved ones to get peace of mind even after your death, this article will explain why people switch their life insurance, how to do it, and what to consider when making the big switch. We’ll also help you get the right amount of coverage. 

Why Do People Switch Their Life Insurance?

You may want to switch life insurance companies or policies because of changes in your needs, switching from term to whole life insurance, changes in employment benefits, end of a term policy, or you can’t afford the premium payments anymore. You may also want to switch because of changes in your beneficiaries’ financial needs, or you want to add a cash value policy to your monetary plans. 

5 Steps To Switching Your Life Insurance

Switching life insurance policies can be daunting. Fortunately, it’s much easier than it seems. After explaining why people change their essential life plans, here are five steps to do it to ensure maximum ease. 

1. Choose Your Desired Life Insurance

You must choose between term or permanent insurance. Term insurance is cheaper but lasts for a limited time and may require a medical exam. On the other hand, permanent insurance is more expensive but doesn’t expire as long as you pay the premium and has additional benefits like a cash value account. Consult a financial advisor or licensed insurance agent if you’re unsure which coverage to get.

2. Determine How Much Coverage You Need

When buying life insurance, decide how much coverage you want based on what you want the death benefit payout to cover, like replacing income for your spouse, leaving an inheritance for your children, covering burial expenses, or considering debts you want to pay off. 

3. Check If You Can Adjust Your Current Policy

If you want to change your insurance policy, ask your current insurer or agent if you can do so. You could avoid a health questionnaire or medical exam, which you may not enjoy if you find a new insurer. 

4. Apply If Applicable 

If you want a new life insurance policy, you can apply through an insurance agent or online. However, you may need to undergo a medical exam, and you may need to wait before they notify you of your acceptance. 

5. Ensure Your Policy Is Active

Buy your new insurance policy before canceling the old one to avoid gaps in coverage. You should also consult a licensed insurance agent and review your current policy. Moreover, speak to a certified financial planner if you’re concerned about your estate or beneficiaries. 

What You Should Consider When Making the Big Switch

When switching life insurance policies, you must consider upfront fees, taxes, potential price increases, benefits, the waiting period, and the losses or payouts from your old policy. You should also speak to your current provider before making a decision. 

How to Get the Right Amount of Coverage

When considering how much life insurance you want to buy, consider what expenses you want your beneficiaries to be able to pay for, your budget for monthly premiums, and any long-term care benefits or debts you may have. You can also make the best choice for your financial plans by using a life insurance calculator and consulting a financial advisor or insurance agent. 


Your loved ones deserve the best financial protection, even after you are gone. You can protect everyone’s peace of mind by considering your needs, consulting reputable professionals, and getting the proper coverage.

If you need life insurance in Conyers, GA, visit The Tabb Insurance Agency! Our company offers multiple plans and high-quality services to meet your personal and professional needs. Contact us now to request a quote!