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Beware of Insurance Agents Trying to Replace Your Existing Insurance Policy
It seldom makes sense to replace a life insurance policy, even if additional coverage is needed, unless your the insurance agent. Replacing an old policy with a new one results in enormously steep up-front costs. The first year's entire premium usually goes to fees and commissions. And if the policyholder has aged significantly since the first policy was issued, the result is a steeper premium.
The most sensible way to increase coverage is to keep the old policy and add another policy that adds the added coverage.
Source: Wall Street Journal, January 21, 1998
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