Can an agent cancel my old policy for me?

Question

Right now, an agent has recommended replacing an older life insurance policy with a new contract. Right now, the old policy may have cash value, guarantees, and favorable terms that are not obvious from the new premium quote. I am hearing inconsistent descriptions of the policy from agents, so I want to separate guaranteed contract terms from sales projections.

Soradin · Accepted Answer

The policy owner should control cancellation and confirm the new policy is active before ending old coverage. For a coverage review, the old policy should not be canceled until the new coverage is issued and accepted. When evaluating the policy, do not cancel existing coverage until the replacement is fully issued and accepted, and compare guarantees, surrender values, new contestability periods, and total cost.

Can an agent cancel my old policy for me?

Soradin

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