December 26, 2009
Buy Term Life Insurance — A Tip Carriers Don’t Share
You can lower your costs dramatically and buy term life insurance affordably by compromising the level of coverage you enjoy. That’s NOT advisable. There’s a safer way…
There was this man who only smoked a cigar once a year to crown great moment and he went ahead and told his doctor just that. His thought was that since he only smoked about just once yearly and made this clear to the medical examiner, this wouldn’t factor negatively on his life insurance rate.
He was mistaken as the insurer he chose decided to give him similar rates with a two-pack-a-day man They gave him a rate that was so high it was roughly two times as high as rates given to non-smokers.
Usually everybody would accept their fate and the rates given if they know the insurer in question is highly reputable He would not settle for that on his part because he reasoned that smoking only once every year didn’t make as bad a risk as those who smoke two packs everyday
He wrote to his insurer requesting that they lower his rate to that of a non-smoker since he only smoked a cigar to celebrate special occassion probably once a year In summary, he finally had his rate reduced by up to fifty percent after weeks of negotiating
There’re lots of life insurance companies out there and they are all competiting to do business with you You can, and should, use this to your advantage any time you think you have a valid reason that entitles you to paying less Every insurer would happily give you lower rates if that will enable them do business with you but still compensate them enough for the risk they will carry by insuring you
Therefore, if you have a cogent reason to request for lower rates, ask. The worst case scenario is that they won’t reduce your rate However, make sure that you do NOT misrepresent the facts to make yourself look like a better risk than you are You will be at the mercy of your life insurance provider if you give them false details about yourself as they’re free to NOT pay according to policy terms if information you gave during application is forged.
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