If you have life insurance but want to switch to a more attractive policy, you could defeat the purpose of coverage by moving too quickly. Experts recommend proceeding carefully in order to make sure you don’t go uninsured while waiting for the new policy to kick in.

FinancialHighway recommends keeping your old policy active until you’re sure you don’t need it. Since life insurance is all about making the safe play, double-up on your conservatism by waiting for your new insurance to start before canceling the old policy. A gap in coverage could make all your premiums go for naught.

Also be aware that most policies come with a two-year period that allows the insurer to deny a claim if it’s brought on by suicide or purchased under false pretenses — for instance, not telling the insurer about a medical condition. The period starts over if you get a new policy.

How To Replace a Life Insurance Policy [FinancialHighway]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.