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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.
© 2009 Matrix Direct, Inc. Agency services provided by Ronald J. (John) Harris in IA, TN and VT; Matrix Direct Insurance Services in CA (#0B57619), ME, MA, and OK; Matrix Direct Insurance Agency, Inc. in UT; and Matrix Direct, Inc. in AR (#246412) and all other states, except SD.
Matrix Direct, Inc. is a subsidiary of American General Life Insurance Company (AGL) and an affiliate of The United States Life Insurance Company in the City of New York (USL).
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