Life Insurance Austin Texas
Reader’s Question:
I’m moving to a different state. Should I continue my life insurance in Austin or cancel it?
Scott
Austin TX
An insurance agent would most likely say that you not discontinue or cancel your life insurance Austin. And he would have good reasons. For one, if the company that carries your insurance policy has a branch or affiliate in that state you are moving to, then you can probably transfer it. The good thing about this is that there will be less paperwork to be done.
Before you make any decision though, you need to bring out your insurance policy and read it again. If you have a term life insurance, then you may not get anything if you cancel your policy. This would be bad for you since it means that you have just wasted all those years paying for the premiums. Not only that, the benefits that you expected to receive if something bad happens is also canceled. Thus discontinuing the policy would be like flushing money down the toilet.
You may want to cancel your life insurance Austin if you feel that if you move to another state, you would encounter problems that could result in you not being able to continue your policy. You may also need to read your policy if you will continue to be covered even if you’re in another state.
If you have whole life insurance, you may be able to come to a decision easier. This is a life insurance policy where you may not need to pay the premiums anymore. We know that most insurance policies can be canceled by not paying the premiums anymore. This type of insurance though makes use of the “cash value” of your policy in order to pay the remaining premiums. This is only effective if you have been paying the premiums long enough.
If you’re hesitant to do either of the two, you can sell it especially if you bought a life settlement policy.
If you’re still having problems on what to do about your life insurance Austin, you can always talk to your agent or the company. Talking to your family members can also help a lot. So good luck on your move to another state and hope you make a decision that you are comfortable with.