Can You Switch Life Insurance Companies? 
Yes , you can switch life insurance companies through a process called `` replacement . '' When you replace a life insurance policy , the old policy with the old company is cancelled and a new one is created . Usually if there is any cash value in the old policy , it will be refunded to you in the form of a check . But be careful : You may be required to go through another `` contestable period . '' That means the insurance company has a certain amount of time to cancel your policy if certain information is incorrect or misrepresented -LRB- usually a 2 year time frame -RRB- Any cash value may be greatly reduced or eliminated due to cancellation/termination fees 