If you’re considering replacing your current life insurance policy, you’ve come to the right place. Our multiple sclerosis life insurance specialists are available to answer any questions you might have about replacing your existing life insurance policy with a new policy.
Replacing a current life insurance policy can be a daunting task for some, but it doesn’t have to be. We are here to help you ensure that your new policy is an improvement upon your current policy and that it meets all of your needs.
The most common reason that individuals replace their old life insurance policy is that a new life insurance policy could be less expensive than what they currently pay. This could be due to several factors including rates going down since the time the individual applied for life insurance, improved health since the last life insurance application, or lack of specific multiple sclerosis knowledge on the part of the previous insurance agent.
If you believe that your current life insurance policy is too expensive, chances are that life insurance agent through whom you originally obtained your life insurance policy was not an expert in obtaining the best life insurance rates with multiple sclerosis. Let’s say that your original life insurance application was completed through Life Insurance Company X, but Company X didn’t view your multiple sclerosis in the most favorable way.
It could have been that the previous insurance agent didn’t ask you the right questions or provide enough favorable information to Company X. It could also have been that the insurance agent didn’t know that Company Y would have been a better fit for your case and saved you hundreds, if not thousands, of dollars over the course of your life insurance policy.
That’s where we can help. Once we know more information about your unique situation and needs, we can determine which life insurance company would offer you the best rates for your life insurance policy with MS. We are experts in knowing which questions to ask you about your health, and which insurance companies will offer you the best rates based in part on your answers to those questions. We recommend contacting us so that we can review your policy at no extra cost. If we have determined that we can obtain better rates than what you currently pay, we can replace your current life insurance policy.
Another reason that your current life insurance policy rates could be high is that you applied for life insurance when you were first diagnosed with multiple sclerosis. It would seem that the longer someone has had multiple sclerosis the more expensive life insurance rates would be, but it’s quite the opposite. MS is different in everyone and follows such an unpredictable path. The longer a doctor can observe and document the course of your disease, the better a life insurance underwriter can assign an accurate, and usually, lower rating. Someone who has had Multiple Sclerosis longer with mild symptoms will receive lower rates than someone who was recently diagnosed and has had sporadic episodes.
This is also true for someone who has been staying on top of their disease and taking a proactive approach to managing symptoms. A proactive approach to managing Multiple Sclerosis symptoms includes exercising, eating well, and maintaining emotional well being. If you are proactive in managing your MS, please be sure to communicate this to us so that we can pass along this positive information to the insurance companies.
Another reason you might want to replace your existing life insurance policy is that you need a higher death benefit for your beneficiaries. In some instances, it might be best to purchase an additional policy in order to increase your payout amount. If you’re unsure where you land in this category, we are happy to do a complimentary policy review. Details on the Policy Review can be found here.
When replacing an existing life insurance policy, we will need to know the following information regarding the policy that you intend to replace:
• Insurance Carrier
• Policy Number
• Policy Expiration
• Type of Policy (term or whole life)
• Amount of Coverage
• Any Change of Beneficiaries
Be prepared to receive many additional forms when replacing your current life insurance policy. In doing this, State Insurance Departments protect consumers from being sold by pushy sales people or up-sold to generate a new commission. We promise to never recommend a replacement policy that isn’t in your best interest.