Yes, you can switch life insurance companies through a process called "replacement." When you replace a life insurance policy, the old policy with the old company is cancelled and a new one is created. Usually if there is any cash value in the old policy, it will be refunded to you in the form of a check. But be careful:
You may be required to go through another "contestable period." That means the insurance company has a certain amount of time to cancel your policy if certain information is incorrect or misrepresented (usually a 2 year time frame)
Any cash value may be greatly reduced or eliminated due to cancellation/termination fees
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You may be required to go through another "contestable period." That means the insurance company has a certain amount of time to cancel your policy if certain information is incorrect or misrepresented (usually a 2 year time frame)
Any cash value may be greatly reduced or eliminated due to cancellation/termination fees