You are all set. You have life insurance and if something were to ever happen to you, your family would be financially cared for. I know the feeling myself. I have two policies in place for my wife Sandra and both my boys. I don’t want to die, but I know I eventually will and when I do, they will be as good as they can be. But what if my health improves and I could get a lower life insurance rate?
One thing I am asked about by clients, is if their health were to improve, could they get a better life insurance rate?
Now for me, that wouldn’t work out so well. And for a good reason. When I got my policies, I was in tip-top shape. No smoking, No drinking, No diabetes, etc …
Some folks are not so fortunate. Some folks got their policies with some rather major health issues and had to pay more than if they had been healthy.
So let’s say you’ve lost weight, or quit smoking or maybe stopped drinking too much which had a negative effect on your health previously. Now you look better and feel better.
Can You Get a Better Life Insurance Rate than What You Already Have in Place?
There is good news. You can get new coverage (maybe even better coverage) at a lower rate and cancel your current policy with no effect on your credit score. You are not chained to a policy, you can switch it out with one phone call.
The only negative is that if you have had your current policy for many years, the additional years of age on your body, might make today’s “cheaper” plans, more expensive in comparison to what you already have.
For example: You purchased a plan 9 years ago. At the time you were much younger. You overpaid for the policy with one of these very expensive carriers, but with so many years going bye and you getting older, that very expensive policy has actually become cheap.
Strange how that works, but it makes sense in that insurance carriers are forced to reward youth to some extent. It’s just the reality that an 80 year old just getting a policy, is going to pay more than a 55 year old getting the same policy.
So what do you do? You know your health has dramatically improved and you want to see if the rate you could be paying, is better than the rate you already have.
Use the Quoter at the Right Hand Side of this Screen and See How Much you Might be Saving. After all, you can be a policy genius too.
There are cases where we tell folks to just stay put with what they already have. There are also cases where we can save folks a lot of money (and give them superior coverage).
- Smoking is a nasty habit. We all know it. But folks who smoke do so for a reason. It is a release from the stress that captures most of us. It’s easy to be critical of someone who puts tobacco inside their bodies, but understand, in most cases they don’t have that much of a choice, it is their release to cope with life.
- Drinking is a nasty habit if overdone as well. Again, we all know we shouldn’t drink too much. But the truth is, life can really suck sometimes. Work, family, financial issues can all lead folks to want that release. I’ve always felt we should look more at the reasons for the habit, rather than the habit itself.
- Weight loss issues are the same. I’m not a believer in over eating, but instead of looking down at folks who can’t control themselves at the kitchen table, realize that this as well can be a release. Food tastes good. It can take your mind off your problems, at least while the food is being consumed.
But Sometimes Folks Say Enough is Enough
Maybe the way the above habits make them feel start to take their toll on physical well being. They start to realize that the stress they are relieving is being outgunned by the damage they are doing to their own bodies.
This is usually when change starts taking place. And the strange thing about making small changes is that soon you might make bigger changes. And then your health becomes so much improved that you start thinking, hey, maybe my life insurance policy should be reevaluated now that I am in this fantastic shape (or at least improved shape).
The answer is 100% yes! You absolutely should consider this. Different insurers have varying policies regarding changes to your coverage. Sometimes a simple change in your life can change your health to such a degree that your coverage can drop in price by as month as half.
And sometimes you can get even more coverage, for that half price.
The sky is the limit when you improve your health.
As Your Health Continues to Improve, so CAN Your Life Insurance Rates
- The Right Amount Of Life Insurance
- Working with an independent agent
- Can I have my life insurance re-evaluated if my health improves?
- Speak with my agent about getting a better rate?
- Quit smoking, will my payments drop?
- Safer to get healthy before looking for better price?
This is the bottom line. In a perfect world, we would all be wealthy, with a net worth of $5 million or more. In the real world, 99% of us are just trying to get by. This economy is getting tougher and tougher for normal people.
If you already have coverage in place for you final day, great, but don’t forget that there is always the opportunity to replace that coverage with something cheaper and better. And cheaper, while it sounds, let’s say “cheap”, is actually good when it comes to insurance coverage. In short, if you pay $80 a month with a carrier like Colonial Penn and at the same time can get the same coverage or more with a provider like Royal Neighbors for only $50 a month, that has been since 1895, why not grab it?