Questions to Ask Before Replacing a Life-Insurance Policy
A replacement checklist covering guarantees, new underwriting, contestability, surrender charges, premiums, policy performance, and coverage gaps.
Written and reviewed by Celena Doctor, NPN 22293555, serving clients across 15 licensed states. Published and reviewed August 30, 2026.
Replacing a life-insurance policy can create new costs, new underwriting risk, new contestability and suicide periods, and the loss of features or guarantees. A new policy should not be assumed to be better simply because it is newer or presented with a lower illustrated premium.
Understand the current policy first
Obtain an in-force illustration or current policy statement when applicable. Confirm the death benefit, premium requirements, guarantees, cash value, loans, riders, surrender charges, term expiration, conversion rights, and beneficiary designations.
Compare the new policy on the same objectives
The comparison should address the same protection need and time horizon. Review guaranteed and non-guaranteed elements separately, and ask what assumptions would cause the new policy to require additional premium or perform differently.
Do not cancel early
Existing coverage generally should remain in force until the new policy is approved, issued, reviewed, accepted, and confirmed in force, subject to appropriate replacement procedures. Never create an uninsured gap based only on an application or preliminary indication.