Term Life Insurance FAQ
COVERAGE NEEDS
Q. Will my term life insurance rate class ever change?
A. Once your life insurance rate class is determined and
your policy is in effect, your rate will remain the same for
the duration of the term, even if your health declines. The
face amount
you chose and your premium remain locked in and
won’t go up or down.
If you believe you’ve made significant improvements
to your health since you first applied for
your term life insurance policy, speak
to a licensed agent about what options might be available
to you. If you are no longer a smoker, for example, you might
be able to qualify for a life insurance rate class for non-smokers
and therefore be able to get a policy with a lower rate.
The premium you pay is determined when you apply and is based
on the snapshot of your health, lifestyle and history at that
time. Insurance carriers take care to accurately pinpoint
your health situation, and classify you accordingly. It’s
advisable to review your coverage periodically as your life
and needs change.
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