How to Change Life Insurance Carriers

Having life insurance with one company does not mean that you have to stay with the same carrier indefinitely. People change their insurance carrier every day for many reasons such as dissatisfaction with service and better premiums elsewhere. They may switch after reevaluating their policy in place to make sure it is adequate and decide to change to another carrier because their situation has change.

Things you will need to change your insurance carrier

• Internet access


• Life insurance declaration page

1. Evaluate your current life insurance coverage before you change your carrier. Decide if the policy you have in place is adequate for your family needs. Consider the amount your family will need to live comfortable in the event you are no longer around. Factor in all your expenses such as mortgage payments, college for the kids, credit card bills and any other expenses you can think of. You can look online for life insurance estimators to help you determine an estimate amount for your family size and income.


2. Compare different life insurance companies. You can find several life insurance companies either online or through your yellow pages, or you can contact the American Council of life Insurers for help in selecting a carrier. Send the carriers you selected copies of your life insurance declaration pages and indicate any changes that you want.


3. Ask the agencies you selected for life insurance quote. Make sure that the quote you receive is in writing. You can ask them to send you the written quote via email or through the postal service. After you receive the quotes requested, do a side-by-side comparison of the rates and coverage you receive before making a decision.


4. Follow the directive of the new company you selected to make sure the application process goes through smoothly. Depending on the amount of life insurance you purchase the carrier may request a medical exam. This is normal if your policy is over $100,000 so no need to be concern.


5. Contact your current carrier after you complete the application process and cancel your old coverage. Send a letter and include the cancellation effective date. Wait at least one week after you send the letter to contact the carrier via phone or email to see if they have received your cancellation letter and if the policy is now cancelled.


6. Make sure your new policy is effective before you cancel the old policy you do not want to have any lapses in coverage.