From my research, life insurance is considered to be quite sticky.. And throughout the lifetime of the insurance, there are higher chance for the customer to increase their cover which means more $ for the insurer (and Greenstone).
Switching life insurance policies may result in:
1. Higher initial premiums
When you switch to a new life insurance policy you may find that the premiums you pay for the first year or so are higher than you expected. This may be because commission and sales may have been worked into the price. Also, the older you are when starting a policy, the higher the fee is going to be
2. Long waiting period
You may find that there is a fairly lengthy waiting period before you can claim on your new policy, which could be a concern for some people. This is something you should check carefully before you make the switch.
Pet insurance is a slightly different story.. I consider it to be similar to health insurance where you can switch provider any time you like. However, nowadays a lot of young families do have one or more pets in their household and they do generally have pet insurance to cover themselves against the VET incidental cost.
