Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Sep 15, 2020

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

It may be a good move to cancel a term policy purchased several years ago if you can get one that better meets your needs and costs less. Term rates are very competitive and you may be able to get more for less today, even allowing for your greater age. However, be careful to get the new policy issued before canceling the existing policy. Changes in your health status or stricter underwriting for your new policy could prevent you from getting the new one, or make it more expensive than you planned.

If you are considering replacing a cash value policy, you need to consider the new and old policies in more detail. Insurance agents are required, by insurance regulators, to document that such a replacement is to your advantage by completing a detailed comparison form. This compares the cash values and other features of both in such a way that they can be evaluated accurately. Make sure that your insurance agent completes this form and reviews it with you before proceeding. It is often not to your advantage to replace a cash value policy because cash values tend to build up slowly and you would be starting that buildup again with a new policy.