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Transferable Funds
If you decide to switch life insurance companies, you probably want to switch your current financial investment to the new company. Some policies are non-transferable, which means you’re out of luck if you want your money. When you want to switch from one policy to another, you simply start over with a new policy and potentially lose what you have invested in the other one.
This isn’t the kind of thing you want to find out at the last minute, so you might consider switching plans within the same company rather than switching companies. However, if you currently don’t hold a life insurance policy, this is something you want to look into while you shop around. At the very least, consider a policy with a cash-out option so you don’t lose all your funds when you switch policies.
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