NLIC.org

Crystal Said:

Supplemental Insurance premium increases?

We Answered:

There's no cap on the increase. Premiums can be increased every renewal period.

Jimmy Said:

health insurance premium increases?

We Answered:

A group policy may or may not be cheaper, it depends on the health of the group and the age for a small group. And a large group factors in health conditions such as cancer, heart problems and premature births.

But, have you thought about switching your family to another individual policy and you staying on your current policy. That way if they are all healthy, they would get preferred rates. It would be a pain to have two individual policies for the family, but it might be cheaper.

Kay Said:

Individual Health Insurance Premium Increases?

We Answered:

This all depends on the renewability status of your health insurance policy. In many policies, the insurance company reserves the right to adjust your premiums at various times, such as a birthday. If this is the case, somewhere in your policy it will say that the insurance company reserves the right to adjust the premiums.

To be more specific on renewability status, if your policy is noncancellable, then the insurance company can not cancel your policy nor can they increase your premiums. If your policy is guaranteed renewable, then the insurance company can increase the policy premium on the policy anniversary date. In a conditionally renewable policy, the insurance company may cancel the policy, but only for reasons specified in the contract and they may also increase the premiums.

I do know that if an adverse health condition exists at the time the policy is issued, coverage for that condition will not be afforded for 2 years.

Long story short, the best advice I can give is to closely examine your policy to determine the renewability conditions and to check for a statement about when and under what conditions the insurance company can adjust your premiums.

I hope I was helpful to you.

Emily Said:

Why my insurance premium increases?

We Answered:

No one here knows why it's $350 instead of $270, call your agent and ask her. As for who the cheapest insurer in the GTA is, no one here knows what your situation is therefore it is up to you to call around and ask for quotes and see what you get.

Felix Said:

Such a thing as life insurance policy with no premium increases?

We Answered:

Yes, that's a whole life insurance policy. There's no premium increases, because it's extremely expensive, up front.

If you want the low price going in, term is cheapest, but the premium WILL go up every renewal. Universal is more expensive than term, less expensive than whole, because the money earns a variable interest - it goes up when the earnings dip. But whole life, the premium is the same for your WHOLE LIFE.

So for $100,000 of coverage, the term policy would cost you maybe $15 a month for ten years, the universal life maybe $45 a month, until it costs more, and the whole life $100 a month forever.

Go talk to a LOCAL AGENT.