How to Replace a Life Insurance Policy in Florida

If you are interested in replacing your existing life insurance policy with a new one, you may find that there are many questions that can be quite confusing. Thankfully, it is easy to replace your life insurance policy in Florida if you know what to expect beforehand.

Reasons to Replace Your Policy

There are many reasons why people may choose to replace a life insurance policy in Florida. For instance, if you find better coverage at a lower price, it seems silly not to switch. Secondly, you may simply feel more comfortable with a different agent. Finally, it may be that your needs have changed; maybe you’ve gotten married, had a baby or changed careers. All of these things can indicate that it is time to look into a new Florida life insurance policy, and when you are asked about existing policies, you should be prepared to answer a series of questions.

Questions about the Existing Policy

Before your application for a new life insurance policy in Florida goes to underwriting, there are some questions that your new insurance agency will ask. You will need to tell your new provider that you have an existing policy, you will need to provide the policy number, insurance carrier name and date of expiration, and you will need to tell your new insurance company whether or not the policy you are purchasing is intended to replace the existing policy. These questions are all aimed toward protecting you—it is not a matter of contestability.

Protecting the Consumer

Because there are some insurance agents out there who are only interested in making a commission on selling insurance policies, the entire life insurance industry has developed a set of guidelines to protect consumers. To that end, agents who attempt to sell consumers policies that they do not really need or who try to talk them into switching to a less-than-effective policy are often reprimanded. After all, there is a lot of legality that surrounds life insurance and the insurance agency must always protect their best interests—as well as yours—in order to reduce risk.

Paperwork and the Process

When you choose to replace a life insurance policy, both the new and existing insurance carriers must complete a series of paperwork before the transaction can be completed. There are some time limitations to protect you, of course, but these vary from state to state and from policy to policy. Normally, the entire process should take less than 30 days; your existing insurance carrier will not ‘drop’ you if the new carrier does not agree to provide you with life insurance. Again, this is done for your protection—not to make the process lengthy or frustrating.

If you want to replace your life insurance policy in Florida, the process may seem a bit daunting at first since there is so much paperwork to be completed. However, you should always keep in mind that both the new and the existing life insurance providers are always looking out for your best interests.