THE PRACTICALITY OF CHANGING LIFE INSURANCE POLICIES:

"Since a company profits greatly by allowing an old, obsolete policy to remain on the books instead of introducing a modern improved model, it might be serving its own interests better than the client's in preaching against replacement."¹

"The only criteria should be the client's desires and the improvement of his insurance program, and if this is achieved, replacement will have served well."²

"The public is paying some $5 billion a year in overcharges on participating life policies."³

"There must be millions of you who have only limited spending money and are unnecessarily burdening yourselves with premium payments and needlessly depriving yourself in order to maintain life insurance programs that long ago became obsolete and should be replaced."⁴

"Don't rule out the possibility of switching policies. Conventional wisdon in the life insurance industry is that you should always hold on to a policy once you've purchased it. CU agrees that switching policies should be done only after careful consideration. But in view of the large cost spread revealed in our life insurance survey, we believe that it does sometimes pay to switch."⁵

1. Dave Goodwin, "Replacement - A Profanity or a Service?" from Best's Review, Vol. 74, No. 7, pp. 14-16, 76-77.
2. IBID
3. IBID
4. Sylvia Porter, Syndicated Columnist, "Life Insurance... A Retiree Must?", Field Enterprises, Chicago, Illinois.
5. Consumer Union Special Report, "SHOPPING FOR LIFE INSURANCE: A SUMMARY".
   
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