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Tips You Should Know Before Dropping That Life Policy

If you already have a life insurance policy and you're thinking of letting it go, before you do, consider this.

Did you know that the price of a life policy can be based on your age, marital status, and most often too, your physical condition? Chances are, you were younger when you bought it, right? Of course you were. So replacing it will likely become costly based solely on your new age.

And how about your medical shape? Are you in the same great shape you were, or has your blood pressure started to come up? How about diabetes, or heart conditions? If you are buying a policy that requires a medical exam, chances are you won't fair as well as you did the first time, which landed you that great rate.

Granted, not every case is the same. Sometimes, switching to a new policy may be in your best interest, and only you know those variables. It's wise to consult with a licensed insurance agent before making the switch. There may also be an economic backlash to consider, such as surrender fees you should know about.

And lastly, consider lifestyle changes. Have you gone through a marriage, divorce, the birth or adoption of a child and even starting a business? All these things may alter or increase your life insurance needs. Think about these changes and be sure they are properly addressed before thinking about canceling that valuable life insurance coverage.

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