life insurance

[firehawkocean]

Is there anything I need to know before I cancel my return of premium term life? I want a cheaper premium.

[dczech09]

Yeah a couple of things...

First of all, make sure you secure a new policy before cancelling. This of course assumes that you still want life insurance, period. Make sure you secure a new policy and it is in force before you cancel. The last thing you want is to find out you're uninsurable when you cancel.

Also, when you get a new policy, always go with TERM. Do not go with any cash value policy unless you want permanent coverage. Stick with a simple term policy with no fancy riders on it. Obviously you want to step away from the return of premium rider because you have probably realized that the rider is not worth the money it costs.

[disneysteve]

I agree with everything dczech said, especially to have the new policy in effect before cancelling the old one.

[Robert742]

If you have had the ROP policy for a few years, follow the advice given above, and cancel your ROP policy once your new term life policy is issued, and you know you are accepted and how much you will be paying.

If you have an older ROP policy, some of those policies were pretty good deals, so you should run the numbers to see if a new term policy will give you more money in the bank in the long run, than the return of premium.

[amypearson]

But the thing is, why would you do so? Think about it thoroughly before making a rash decision. Term life insurance is important after all.

[cschin4]

We only have term life. I would get a nother policy in place though before canceling one that you have. Sometimes things don't always go through as expected.

cschin4