Can I Switch Life Insurance Companies? 
If you are thinking about switching life insurance companies there are a couple of thing you should know . when you go from one insurance company to the next you have to go through the underwriting process all over again so never cancel your existing policy until you are approved for the new one . Some agents may talk to you about doing a 1035 exchange , taking the cash value from one policy and moving it to the new one . If it 's a whole life policy and you have had it for five years or more , never do a 1035 exchange , instead take a paid up policy option . A policy that has a $ 1,000 of cash value is only worth $ 1,000 of cash on a 1035 exchange but the same policy with $ 1,000 of cash is general worth a little more than double in paid of life insurance , so around $ 2,300 . I hope this information was helpful . If you have more questions just ask . 