How To Switch Life Insurance? 
New York State has very strict regulations for life insurance agents and companies regarding replacement of a life insurance policy . Commonly referred to as `` Reg . 60 '' due to the section of the life insurance code dealing with replacements , it mandates that agents follow a strict disclosure process anytime they are recommending someone change or replace their existing life insurance policy . The disclosure process is even required if the agent has any reason to believe that the sale may impact an existing policy , even if he is not making that recommendation . While the regulation can be onerous on the agent and the replacing company , it helps to protect the insured . The agent has to provide a side-by-side comparison of the new policy to the the existing policy and disclose all potential disadvantages to replacing the policy . 