Posted by ken in sc on March 18, 2002 at 13:12:27:
You will get a lot of opinions on this. I have heard many theories. But I always just buy my own policy without cancelling the old one. Yes, I know that means I pay for two, but if the deal is so close that another policy makes a difference, it may be a little close anyway! But I am not sure that the old policy would pay ME money since it was not MY policy, and at the very least it might be a real hassle or fight. By leaving the old policy in place, the lender sees nothing. I just pay for mine seperately.