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Ways to pay less on the policy you have
Ask your insurer or agent about these.
- A rate reconsideration if you quit tobacco or your health has improved
- Paying annually instead of monthly, which often avoids a billing charge
- Removing riders you no longer need
- Reducing the coverage amount if your needs have shrunk
When a new policy might cost less
If you bought a policy while smoking, overweight or shortly after a health scare, and things have improved, a new application may come back cheaper. If your health has got worse or many years have passed, a new policy will usually cost more, because price follows age.
Mistakes to avoid
Do not cancel a policy before its replacement is approved and in force. Do not let a policy lapse to save a few months of premium, since you may not qualify again. Be wary of any pitch that promises savings before anyone has asked about your health.
Common questions
Can my insurer raise my premium?
It depends on the policy. Level term and traditional whole life are built with fixed premiums. Annually renewable term and some universal life policies can increase.
How long after quitting smoking can I ask for a better rate?
Many insurers want at least 12 months tobacco-free. The exact period and what counts as tobacco vary by insurer.
This page is general information, not insurance, legal or tax advice. Policy terms, eligibility and pricing vary by insurer and state. A licensed insurance agent can explain the specific products they offer.