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Can you replace an existing life insurance policy?

It can be surprisingly hard to replace an existing life insurance policy. Here’s what you should know.

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Haven Life exists to make life insurance simple: It enables you to get a personalized quote in minutes and start coverage – all online.

But the reason Haven Life wants to make life insurance simple is that it often isn’t simple, and one example of that is what happens when you want to replace one policy with another. Here’s what you need to know:

Replacing an existing life insurance policy requires more paperwork

As you’d expect from a business that deals with matters of life and death, the life insurance industry is highly regulated, and a number of those regulations are concerned with policy replacements.

If a customer already has a life insurance policy (from, let’s say, Company A) and wants to replace it with coverage from another insurer (Company B), there’s a regulation which obliges Company B to notify Company A about the replacement, partially to give Company A the chance to conserve their business.

Furthermore, there is a waiting period, and additional paperwork must be filled out by the customer. It’s a somewhat unwieldy matter, and Haven Life doesn’t currently have a process in place for it.

As of now, Haven Life can’t be used to replace an existing life insurance policy, but the life insurance agency is working on a solution and hopes to be able to support policy replacements in the future.

You can increase your coverage if you’re underinsured

For the time being, there are a couple of things to consider. If you already have life insurance (either from your employer or another insurer) but feel underinsured, you can get a Haven Term policy issued by MassMutual in addition to the coverage you currently have.

This could be a particularly good idea if your circumstances have changed since you got your existing policy – perhaps you have more dependents, such as another child. Or maybe you bought a house?

The other thing to note is that, because of the replacement rule, you should make sure you get the right coverage at the outset.

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How to figure out the coverage you need

If you don’t yet have life insurance but are looking for it, be sure to buy the right policy. If you’re not sure what coverage you need (how much and for how long), Haven Life makes it easy to figure out with its online life insurance calculator. The calculator takes into account your income, dependents and other factors, and helps you determine the coverage that’s right for you and your family.

Haven Life hopes to offer replacement coverage in the future, but for now, the best idea is to get the right coverage when you sign up so you won’t need to replace it at all.

It’s not just easier life insurance, it’s an easier life.

Learn about the perks that come with being a Haven Term policyholder.

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Michael Davis is a freelance writer and editor who has covered everything from fashion and music to parenting, work, and finance. He has been a chef, restaurateur and record label owner.

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About Michael Davis

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Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit:

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