How to Replace an Insurance Policy

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When it comes to replacing an insurance policy, depending upon the type of insurance, things are handled a little bit differently. Replace an insurance policy with help from an expert at Combs & Company in this free video clip.

Part of the Video Series: Insurance Questions Answered
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Hi, my name is Susan Combs, and today we're gonna talk about how to replace an insurance policy. When it comes to replacing an insurance policy, depending upon the type of insurance, things are handled a little bit differently. For example, it is illegal to replace a life insurance policy, it is not in the best interest of you. So for example, were you a smoker and now you're no longer a smoker. Did you have type two diabetes and now you don't have type two diabetes. You know, if it shows that you actually got healthier and better, and you would be at a lower rating, then it's going to be the best interest to replace your policy. If it's not in the best interest to replace your policy and it's just say a broker or an agent that is changed carriers and they're wanting to move all their business to their new carrier, and it's really not in your best interest, then like I said it's illegal. So the main thing to do is regardless if it's a life insurance policy or if it's a health insurance policy, they're gonna want to know if your issuing a new policy, where you were before. So what type of policy did you have before, you know, sometimes if it's like say a business insurance policy, what claims were associated with it. If there are claims associated with it, then the carrier might choose not to cover it, or they might choose to, you know, offer you a higher premium. So the main thing to do is no matter what policy that you're looking at replacing, find out the rules around the certain policies, talk to a broker and see what's going to be the best thing for you.

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