My Life Insurance Premium Came Back Higher than the Original Quote - Why?

Life Insurance

When shopping for life insurance, you may gather multiple life insurance quotes from different companies. This is a great approach to finding the right policy for your family’s individual needs. With so many life insurance companies out there and constant advertising on television and radio, it can be overwhelming to figure out which company to apply with. By selecting a few different companies to compare life insurance quotes, you can narrow down your selection and make solid comparisons.

It is best to keep in mind that a life insurance quote is an estimate. Many times you may be given a quote by entering a few pieces of information on a web site or giving that information to an agent over the phone. Within a couple of minutes or less you are given a price for the cost of a life insurance policy. Sometimes people are given the best possible price based on the basic information they provided. Keep in mind that many life insurance companies require a medical health exam. The insurance company will then review the application, taking into consideration all of the information you provided including results of a health exam, if required, and any additional medical records they need to review, as well as information about your immediate family health history (questions about health history for father, mother and brothers or sisters).

In some cases, life insurance carriers may also request additional medical information from your doctor’s office to further evaluate your application. All of these factors go into determining the final actual premium for the selected life insurance policy.

When you are doing your research for life insurance quotes, it’s a good idea to find out what health class rating your quote is based on and what the requirements are for the application process. If your final premium comes back higher than you were quoted you can look at lowering the amount of coverage to an affordable amount. Remember that having some life insurance is better than having none.

As you can see, there are many factors that can affect your final life insurance premium price. 

About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or