How To Switch Life Insurance? 
Here are the Golden rules for switching life insurance . 1 -RRB- Make sure you get approved and pay for the new policy . DO NOT terminate your current policy until the new policy is in force . This way , you will avoid a potentially hazardous gap in coverage . 2 -RRB- Notify your current carrier of your wish to terminate the current policy . If you are paying premiums through a bank draft , be sure to notify your bank to not accept debits from this company . 3 -RRB- Request a refund of unused premium if you have already paid in advance for coverage on the current policy . 4 -RRB- If the current policy has cash value , make sure your broker is handling the exchange of that money into the new policy cleanly . This way you will avoid a potential taxable event . There are large areas for error in this process . Your broker needs to stay on top of things . 