Yes, you can switch life insurance companies by the process of replacement, or by dropping your old policy and purchasing a new one. If you have permanent insurance with cash value, the replacement will involve a 1035 exchange to get the cash from one policy to another.
Keep in mind that when you do a replacement or get a new policy, all policy provisions, surrender charges, etc start over again. The switch is not simply switching companies. Discuss it with the agent for your old company before making your decision.
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.
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Keep in mind that when you do a replacement or get a new policy, all policy provisions, surrender charges, etc start over again. The switch is not simply switching companies. Discuss it with the agent for your old company before making your decision.
I hope this information was helpful. If you have more questions just ask.