When Would I be Eligible to Lower my Life Insurance Premium?

Life Insurance

Did you apply for a life insurance policy and the pricing came back higher than you were quoted due to health-related issues or other issues. You may ask, when would I be eligible to lower my life insurance premiums or can I even get a lower rate, at some point?

The answer to these questions is yes, you could very well be eligible to lower your life insurance premiums. Below are a few examples of how and when you can do this.

  1. You are a diabetic taking medication and your policy was issued higher due to your diabetes. Let’s say you were to go on a healthy eating plan and exercise regimen resulting in your doctors taking you off of the medications. Once you are off the medications for at least 12 months and this is documented by your physician, you could request your policy to be re-rated and possibly get a lower price going forward.
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  3. Another example to consider is if your policy was issued at a higher  premium, because your blood pressure or cholesterol were high and you were unaware of it. Once on medication and the conditions are under control (and documented by your physician that is has been under control for at least 12 months) or may be even able to go off medications completely. Then you could see if you could get better pricing with your improved health condition.
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  5. If your policy was issued as a smoker rate and you have quit smoking for at least 12 months. And of course, documented this with your doctor, you would be able to see if you could be re-rated as a non-smoker.

About the author: Pam Fortier has been in the life insurance business for over 30 years. She also holds both a LUTCF designation and a CISR designation. Pam is adept at helping clients select the coverage they want at the price they can afford. You can contact Pam at 1-800-651-1953 or PFortier@Pivot.com.