Life Insurance – Can You Change Your Policy If Your Health Improves?

Life Insurance

I’ve had a change in my health status since purchasing my life insurance policy, can the rate class be changed? That’s a great question! I often get calls from clients stating they have had an improvement in health; such as weight loss, reduction or elimination of medication used to treat health conditions or perhaps changed their tobacco habits. They may have purchased a policy that was approved with a higher premium due to the condition at the time of the issue of the policy.

Requests to improve the rating class on existing life insurance polices may vary with insurers and may have restrictions such as how long the policy must be active before a policy change can be submitted. Often times, the waiting period is at the first policy anniversary date. Some insurers will require a health questionnaire along with an exam requirement and a request to client’s doctors for medical records.

Rating improvement requests usually will take into consideration the overall health of the client and not specifically the item that caused the higher premium at issue. Premiums based on the original issue age is an advantage to changing an in force policy as the premiums may be lower than if you were to replace the policy with another at current age.

I recently assisted a client who had purchased a term policy a year ago with a rating class that resulted in a substantially higher premium than the carrier’s standard rating class. The client paid the first year premium and requested a change of policy due to health improvements. The client purchased the policy from a carrier that permitted an in force policy change. The carrier requested an exam and medical records from the client’s doctors and improved the rating class resulting in a significant reduction in premium payments.

Life insurance policies may or may not be able to be changed due to health improvements. Some life insurance carriers may or may not permit the insured to attempt to improve the rating class on an existing policy after the policy has been in force. Some carriers may require a replacement of the original policy based on the insured’s current age and current health in lieu of an in force policy change.

About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best  life insurance option, contact Ken at 1-800-651-1953 or