New Life Insurance Policy

[rich9438]

What is the name of your state (only U.S. law)? New York

Simple Question
Is an insurance agent allowed to have you cancel (have the policy lapse) just so he can sell you another Life Insurance Policy?
Thanks in advance! Rich

 

[ErinGoBragh]

What is the name of your state (only U.S. law)? New York

Simple Question
Is an insurance agent allowed to have you cancel (have the policy lapse) just so he can sell you another Life Insurance Policy?
Thanks in advance! Rich

The agent can't allow ANYTHING to happen if you make your premium payments on time. If you're not paying and the policy lapses because of it, that's on you.

 

[cyjeff]

If your real question is "Does the insurance agent have to hold my hand and make sure I send him a check every month", the answer is no.

 

[anteater]

And, if your real question is: "Can the agent try to persuade me to let the current policy lapse in order to sell me a new policy?", then the answer is yes. The agent has no fiduciary duty to you. You are on your own in determining what is best for you.