Don’t Leave Yourself Without Life Insurance Protection
Are you having trouble with your existing term life insurance policy? Are you not happy with the service you are receiving from your current life insurance carrier? Is your life insurance company or agent not responding to you in a timely fashion? It’s important that when you have questions or needs that you are able to reach your representative for help and get the answers or information you need. Some clients I speak with run into problems with life insurance payments being withdrawn on the day they have chosen. If you are budgeting for your life insurance payments and the payments are not being drafted on a timely basis this can cause problems, such as overdraft fees.
Some of these issues may be causing you to consider replacing your existing life insurance. However, you may want to think twice about cancelling the policy before you apply for a new one. For some people the impulse is to cancel the life insurance policy and then apply for a new one. Before doing this, you need to think about the time in between that you are not covered with term life insurance. Even though it may not be an extended period of time, you never want to leave yourself, family and loved ones unprotected without life insurance coverage.
I feel it’s always best to see if you can resolve any issues or problems you may be experiencing with your current life insurance carrier. If you have had your life insurance for a while, keep in mind any new policies you apply for will be based on your age and health today which will most likely make rates more expensive just based on age alone. I have had some people tell me they were planning to cancel their policy and apply for a new one. Meaning they were going to take the risk of being without life insurance for a short time. I can see the argument of not wanting to pay two insurance premiums at the same time. But from a financial standpoint, if you can pay two premiums for a short period of time this would be the best case scenario. If you are approved for a new policy with a premium you are happy with, then as soon as you know the new policy is in-force you then cancel the old one.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.