Can I transfer my old life insurance policy to a new life insurance policy with Amplify?

You can transfer your old life insurance policy to a new life insurance policy if there is cash value inside of the policy, meaning the cash available that is not locked in by the surrender period of your policy (read “Is there a penalty if I take out my money early?” for more information). You can roll over this cash value into another permanent life insurance policy without any tax liability, called a 1035 exchange (which functions similarly to a 1031 exchange in homes except for life insurance policies). Otherwise, you will not be able to qualify for the same rate as you did when you first purchased the policy and you will be underwritten for your current age and health for the new policy. If you have an old policy you would like to transfer, you should consult with your Amplify Advisor to see what’s the best plan of action. If your monthly premium will significantly decrease, your coverage amount can significantly increase with the same monthly premium, or your investment value will grow significantly greater than if you were to keep the same policy, then it may be worth it in the long term to transfer your life insurance policy to a newer, more updated life insurance policy. Otherwise, you could also consider purchasing a new life insurance policy if there are certain benefits or features of new life insurance policies that you would like to have while keeping you old policy in place.