Can I Transfer My Term Life Insurance Policy To Another Company?
Term life insurance policies are issued for a fixed period, and once the term expires, the policy is no longer valid. However, if you do not need the policy anymore, you can surrender it before the expiration date and receive back some of the premiums paid in advance that are not used up by the time of surrender.
|Policy Type||Term Life Insurance|
|Validity||Fixed period (e.g., 10 or 20 years)|
|Surrender Option||Available before expiration date|
|Premium Refund||Depends on policy tenure and coverage plan|
If you wish to transfer your term life insurance policy to another company, you need to surrender the policy with the current insurer and purchase a new policy with the new insurer. You cannot directly transfer the policy to another company.
It is important to note that diabetics are considered high risk by insurance companies, and the cost of coverage is usually higher for them. However, there are certain types of policies that diabetic people can get to help protect themselves against financial loss due to their illness, such as critical illness cover and income protection cover. Diabetics can also get term life insurance in India as long as they have a certificate from a qualified doctor.
In conclusion, while you cannot directly transfer your term life insurance policy to another company, you can surrender it before the expiration date and purchase a new policy with a different insurer. It is important to compare policies and coverage plans to find the best option for your needs and medical condition.