Term Life Insurance Articles
How To Avoid Life Insurance Premium Increases With Regular Checkups
2010-11-23
Life insurance can be an excellent way for an individual to ensure that their family or spouse is provided for in the event of their death. In fact, many Americans are obtaining term life insurance policies at younger and younger ages in order to avoid life insurance premium increases. Often, they are able to lock themselves into long-term plans that have fixed rates or that will go up a prescribed amount each year. While this is one option for keeping life insurance premium increases in check, another viable method is with the use of voluntary regular checkups on the part of the insured. These can help to not only keep a customer healthy, but maintain the cost of their life insurance policy over the long term.
In many states, it is now illegal to refuse life insurance coverage for a client simply based on the fact that they will not consent to a medical exam. They client will, of course, be assessed as a risk and their premiums will likely be extremely high, but they cannot be refused coverage. In absence of hard data, an insurance company will always assume the worst, and will increase the premium of the policy holder to the maximum amount allowed by law as they do not know what kind of medical issues the client currently faces.
By agreeing to regular checkups, a customer can help to show an insurance company that they are an excellent choice to insure and their likelihood of passing away is statistically small. These checkups may need to be conducted by a doctor or nurse of the company's choosing, rather than a family doctor, but they can often be done in the comfort of a client's own home, limiting the stress of visiting an unfamiliar site and dealing with unfamiliar medical professionals. These checkups will usually consist of a an attempt to ensure that the client is not suffering from any chronic or undiagnosed disease that would warrant an increase in their life insurance premium. Many people find these regular checkups irritating and an invasion of privacy, and elect not to do them. That is certainly their right, but may result in higher than average premiums. So long as the insurance company is polite and respectful, and sends a competent professional, regular checkups may be a good option if a client is in good health.
While checkups do not guarantee lower rates, those who are in good health stand a good chance of seeing their rates remain the same. Whereas those who refuse checkups will likely see consistent life insurance premium increases based on the unknown risk they represent and the potential payout they may require.
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Life insurance can be an excellent way for an individual to ensure that their family or spouse is provided for in the event of their death. In fact, many Americans are obtaining term life insurance policies at younger and younger ages in order to avoid life insurance premium increases. Often, they are able to lock themselves into long-term plans that have fixed rates or that will go up a prescribed amount each year. While this is one option for keeping life insurance premium increases in check, another viable method is with the use of voluntary regular checkups on the part of the insured. These can help to not only keep a customer healthy, but maintain the cost of their life insurance policy over the long term.
In many states, it is now illegal to refuse life insurance coverage for a client simply based on the fact that they will not consent to a medical exam. They client will, of course, be assessed as a risk and their premiums will likely be extremely high, but they cannot be refused coverage. In absence of hard data, an insurance company will always assume the worst, and will increase the premium of the policy holder to the maximum amount allowed by law as they do not know what kind of medical issues the client currently faces.
By agreeing to regular checkups, a customer can help to show an insurance company that they are an excellent choice to insure and their likelihood of passing away is statistically small. These checkups may need to be conducted by a doctor or nurse of the company's choosing, rather than a family doctor, but they can often be done in the comfort of a client's own home, limiting the stress of visiting an unfamiliar site and dealing with unfamiliar medical professionals. These checkups will usually consist of a an attempt to ensure that the client is not suffering from any chronic or undiagnosed disease that would warrant an increase in their life insurance premium. Many people find these regular checkups irritating and an invasion of privacy, and elect not to do them. That is certainly their right, but may result in higher than average premiums. So long as the insurance company is polite and respectful, and sends a competent professional, regular checkups may be a good option if a client is in good health.
While checkups do not guarantee lower rates, those who are in good health stand a good chance of seeing their rates remain the same. Whereas those who refuse checkups will likely see consistent life insurance premium increases based on the unknown risk they represent and the potential payout they may require.
