Is a new policy better just because the premium is lower?

A lower premium may reflect different guarantees, duration, benefits, assumptions, or underwriting. When evaluating the policy, the old policy should not be canceled until the new coverage is issued and accepted. Coverage decisions should be based on the policy contract and current values, instead of treating a sales presentation as the controlling document. The policy terms and current illustration provide the proper baseline for the review, and get a licensed insurance professional to confirm in writing any applicable guarantee, exclusion, rider, or surrender restriction.