If I'm replacing my term life insurance coverage, does the new company cancel my existing coverage?
Your new term life insurance company will not cancel your old policy for you if you are replacing your old policy with a new one. This is something that you must handle yourself. Your former life insurance company requires that you be the one to cancel the policy (thus ensuring that it's really something you want to do). At Wholesaleinsurance.net we are more than willing to help if you have any questions about how to cancel your former life insurance policy.
If you are planning on replacing your old policy, we suggest that you wait until your new policy is in force. This is important because you won't know if the new life insurance company will cover you until the life insurance policy is issued (which takes 4-8 weeks on average).
Because life insurance is so important, we strongly suggest waiting until your new policy is in force before you cancel the old one.
