Life Insurance Needs
What if you meet with your financial advisor or your insurance agent, and find out you have too much insurance? There are a few things you can do.
- Replace your current term policy with another term policy that has a lower face amount (death amount).
- If you own convertible term insurance, see if you can convert it to whole life insurance with a smaller face value.
- If you have a whole life policy, which is more flexible, you can change the policy to a smaller amount of paid-up insurance, or cancel the policy and use the cash value to purchase a term policy.
Always consult a professional before cancelling, converting or replacing any life insurance policy.