"Refinance" Your Insurance Policy

You refinance your mortgage when rates are lower, so why not "refinance" your life insurance policy?

After all, if your purchased your insurance policy many years ago, the chances are you can get the same insurance now and lower your premium.

Lets get back to the mortgage example: Why would anyone refinance their mortgage? Examples are:

1) To lower their interest rates

2) To lower their monthly payments

3) To get cash out

4) To get a bigger house.

Insurance works in a very similar way to mortgage.

By "refinancing" your insurance policy, you can lower your insurance premium and still keep your death benefit at the current level or increase the death benefits.

New insurance policies come out very often and the chances are there are now better insurance than the one you got many years ago.

What you need to do is have your insurance policy reviewed. This is equivalent to having a mortgage quote - afterwards, you will know if it is worth refinancing your insurance policy.

 

How to REFINANCE (REPLACE) existing policy?

If you found that it is beneficial to refinance your insurance, you can rollover your existing policy into the new one. This is sometimes referred to as "Replacing your policy" or "exchanging your policy".

 

Click here to read about Replacing Policies