If you are healthy or minor health conditions which are under control with medication then shopping around for the new policy makes more sense, as to your surprise you might be able to save upto 50% on premiums. 

First Option - When re-applying, always apply with three or more insurers or insurance company at the same time, doing that yourself could be troublesome, so taking a help of life insurance broker is a better option, as we can apply for you with three or more life insurance companies at the same time and having medical requirements completed only once and forwarding  results to all companies at the same time, these insurance companies are informed by us that you are shopping around and are going to accept best offer only. Insurance companies do want your business hence a healthy completion is created and you as a smart and mature consumer is benefited. With our past experience it has always worked in the interest of client for example if one insurance company rates up policy and this was the only company you had applied with, then you are out of luck as this information goes into your medical information MIB, where as if it was 3 or 4 companies at same time chances are one of the company might accept you at better monthly premiums. 

Second option is straight forward, if the health or medical condition is not in favor then you have no choice but to re-new with same insurance company without providing any medical evidence at higher premiums. It would be still in your interest to speak to a Insurance specialist and ask for your options.  

Third option, if the purpose of term policy that you took out long time ago has been met for example you bought term policy when you had young family, had a huge mortgage and had family responsibilities toward young kids. Now over passage of time if kids are grown up gone into there respective profession and are no longer dependent on you and full or major portion of mortgage is paid for, then you might like to look at converting the full policy or portion of policy in to whole life policy as the needs have now changed to new needs such as finances for final expenses, estate preservation to pay probate taxes and other capital gain taxes and to leave money behind for the spouse to continue the life style on just his or her own old age income.

What ever your circumstances are, sharing it with a licensed Life Insurance Broker is going to make lot of difference as you would be able to look into pro and cons of all the different options that you have. Simply fill the form and we shall talk to discuss your personal needs.

If you have further question feel free to contact Canada Insurance Plan.