You just received a letter in the mail from your life insurance company informing you that your term is up and your premium will now be going through the roof.
Your first question is why.
When you purchased your policy (if you can remember that far back) it was for either a ten or fifteen or twenty year term. That means that the life insurance company guaranteed that you can keep your policy to (in some cases) age 80 or 85 but that the premiums would contractually change at each of the 10 or 15 or 20 year intervals.
I have good news and bad news. The bad news is these new premiums are based on mortality taken from years ago and are about two to three times the market rate. That is a bad deal on the surface but not so bad if you have a life threatening illness or disease.
The good news is, you can shop this out to another company, or even the same one, go through the medical tests and answer all of the questions, and if you qualify, you can purchase the same policy for almost what you were paying in the first place.
This is possible because of the new preferred life insurance rates that have been around for over 15 years.
Life insurance companies have categorized their plans as level 1, 2, 3, or 4. The category you qualify for is based on a number of criteria: height and weight, blood pressure, cholesterol levels, family history, your own historical health history, etc.
To read more Click Here
Your first question is why.
When you purchased your policy (if you can remember that far back) it was for either a ten or fifteen or twenty year term. That means that the life insurance company guaranteed that you can keep your policy to (in some cases) age 80 or 85 but that the premiums would contractually change at each of the 10 or 15 or 20 year intervals.
I have good news and bad news. The bad news is these new premiums are based on mortality taken from years ago and are about two to three times the market rate. That is a bad deal on the surface but not so bad if you have a life threatening illness or disease.
The good news is, you can shop this out to another company, or even the same one, go through the medical tests and answer all of the questions, and if you qualify, you can purchase the same policy for almost what you were paying in the first place.
This is possible because of the new preferred life insurance rates that have been around for over 15 years.
Life insurance companies have categorized their plans as level 1, 2, 3, or 4. The category you qualify for is based on a number of criteria: height and weight, blood pressure, cholesterol levels, family history, your own historical health history, etc.
To read more Click Here
