<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"

	xmlns:content="http://purl.org/rss/1.0/modules/content/"

	xmlns:dc="http://purl.org/dc/elements/1.1/"

	xmlns:atom="http://www.w3.org/2005/Atom"

	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"

	
	>

<channel>

	<title>New answer on: How To Switch Life Insurance?</title>

	<atom:link href="https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance/feed" rel="self" type="application/rss+xml" />

	<link>https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</link>

	<description></description>

	<lastBuildDate>Thu, 08 Feb 2024 00:23:46 -0600</lastBuildDate>

	<sy:updatePeriod>hourly</sy:updatePeriod>

	<sy:updateFrequency>1</sy:updateFrequency>

	<generator>https://wordpress.org/?v=6.9.4</generator>


	<item>

		<title>By: Marcy Tooker</title>

		<link>https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</link>

		<dc:creator>Marcy Tooker</dc:creator>

		<pubDate>Wed, 13 May 2015 04:46:07 +0000</pubDate>

		<guid isPermaLink="false">https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</guid>


		<description><![CDATA[New York State has very strict regulations for life insurance agents and companies regarding replacement of a life insurance policy. Commonly referred to as &quot;Reg. 60&quot; due to the section of the life insurance code dealing with replacements, it mandates that agents follow a strict disclosure process anytime they are recommending someone change or replace their existing life insurance policy. The disclosure process is even required if the agent has any reason to believe that the sale may impact an existing policy, even if he is not making that recommendation. 

While the regulation can be onerous on the agent and the replacing company, it helps to protect the insured. The agent has to provide a side-by-side comparison of the new policy to the the existing policy and disclose all potential disadvantages to replacing the policy.]]></description>

		

	</item>


	<item>

		<title>By: Steve Kobrin</title>

		<link>https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</link>

		<dc:creator>Steve Kobrin</dc:creator>

		<pubDate>Sun, 02 Mar 2014 00:47:19 +0000</pubDate>

		<guid isPermaLink="false">https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</guid>


		<description><![CDATA[Here are the Golden rules for switching life insurance. 1) Make sure you get approved and pay for the new policy. DO NOT terminate your current policy until the new policy is in force. This way, you will avoid a potentially hazardous gap in coverage. 2) Notify your current carrier of your wish to terminate the current policy. If you are paying premiums through a bank draft, be sure to notify your bank to not accept debits from this company. 3) Request a refund of unused premium if you have already paid in advance for coverage on the current policy. 4) If the current policy has cash value, make sure your broker is handling the exchange of that money into the new policy cleanly. This way you will avoid a potential taxable event.

There are large areas for error in this process. Your broker needs to stay on top of things.]]></description>

		

	</item>


	<item>

		<title>By: Mark Taylor</title>

		<link>https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</link>

		<dc:creator>Mark Taylor</dc:creator>

		<pubDate>Fri, 28 Feb 2014 21:50:23 +0000</pubDate>

		<guid isPermaLink="false">https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</guid>


		<description><![CDATA[It depends if you want to switch companies or plans of the same company.
To change a company one must shop first to find what coverage they may want to replace the other with. Cancel the old coverage first for if you don&#039;t you may wind up being billed for two policies. Collect any cash value from old policy. Then you may select new coverage. 
To convert one coverage from another. Just advise the company that you want to convert your policy. If you have a term and want to convert to whole life is simple just tell the agent. You can convert term to whole life but not the contrary.]]></description>

		

	</item>


	<item>

		<title>By: David Pipes</title>

		<link>https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</link>

		<dc:creator>David Pipes</dc:creator>

		<pubDate>Fri, 28 Feb 2014 18:18:31 +0000</pubDate>

		<guid isPermaLink="false">https://www.insurancelibrary.com/life-insurance/how-to-switch-life-insurance</guid>


		<description><![CDATA[The owner of a life insurance policy can surrender it at any time.  If the policy has cash value, there are optional ways to receive the cash value.  If it is a term policy, the coverage will cease and you will no longer pay premiums.  If you still want coverage It is never advisable to surrender a life insurance policy until another policy is in force.  
 ]]></description>

		

	</item>


</channel>

</rss>

