The cost of life insurance has dropped dramatically in the last few years.  Life insurance companies seem to be furiously competing with each other for the lowest rates.  If you are still in good health and you have had your policy for a few years, it would certainly be a good idea to compare.  Give me a call at 408-995-3348 and I will be happy to give you a comparison quote right over the phone from the many companies with which I am licensed.

This can depend on various factors.  If you have had your policy only a short time, replacement probably would not be advised.  You may suffer surrender penalties that would take too long to recoup.  It could be very wise to replace older universal life policies, especially if you plan to keep the policy for quite awhile longer.  Here's a true life example:  Mr. X has had a universal life policy for 14 years.  He is 48 years old. His death benefit is $100,000.  He is paying $60.00 per month into his policy, and he has a loan of $2,310.  If he continues the policy as it is, based on projected and guaranteed values, it will lapse in about 13 years. That means it will just end - no death benefit and no cash value.  His wife is also on the policy for a $25,000 benefit.  If he were to change to an updated universal life policy, WITHOUT PAYING ANY ADDITIONAL PREMIUM, he could do the following:

1.  Eliminate the loan.

2.  Extend his $100,000 death benefit from 13 years to 35 years. (guaranteed)    

3.  Provide a death benefit of $50,000 for his wife.

4.  Have a projected cash value of $13,000 at age 65 instead of  0.