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Ramona Said:

possible to lower your term life insurance policy premium?

We Answered:

The company will not lower the rate of the existing policy. The insured would have to be re-underwritten meaning that the company would require a new application and would likely require a new para-med exam.

If the company agreed with your assessment they would advise you that the preferred rates are available and you would cancel your existing policy and have a new policy issued.

Depending upon how long ago the original policy was approved you might not gain as much as you think because the new policy would be based on the insured's current age..

Eddie Said:

I have a $10k term life insurance policy. I payed premiums for 30 years. Can I recoup the overage.?

We Answered:

If this is a term life policy you will get nothing in return. There is no way of recouping any overages. This is how term insurance works....no cash value, means you are just renting insurance and you get nothing in return unless you die. Term insurance always works out to be cheap in the beginning, but more exprensive in the long run.

Double check to make sure it isn't whole life though. If it's whole life you should have a cash value to recoup some of what you paid into it.

Frances Said:

average 1 million dollar term life insurance premium?

We Answered:

Are you 22 or 62? Are you in perfect health with no family history issues, or are you sick as a dog? It usually only matters what the policy would cost to the individual in question, not the average cost for an entire population. Even insurance companies are only concerned with the average cost per risk classification. They could care less what the average cost is overall. They don't make money by being general about their risk, not anymore anyway.

Angel Said:

Tax question - Can one get any deduction from Life Insurance premiums. (not long term care)?

We Answered:

No, that's a personal expense, not deductible.

Raul Said:

Should I get Term Life Insurance at a young age?

We Answered:

Should you buy a circular saw at Home Depot, before the prices go up?

Life insurance is a financial tool. Do you have a JOB, you need the life insurance to get done for you? Sounds like not yet, but maybe soon.

It's true, that level term insurance, the premiums stay the same (except in extremely rare circumstances) for twenty full years. You'd want to add a guaranteed renewable and convertable rider to it, also.

I don't know that you'll see a huge premium change between this year, and two years from now.

If you buy a standard term policy, typically, it won't pay out the first two years if you suicide, or if you lied on the application about something.

Lucille Said:

Who should I contact to get term life insurance with lower monthly premiums?

We Answered:

First thing you need to do is have your agent call the insurance company to have them send a copy of your paramedical exam to determine exactly why the insurance company is "uprating" your policy. Due to privacy regulations they will not tell your agent and very likely will only send the report to your doctor.

Once you know what the specific issue is you are in a much better position to "shop around" because you will be able to tell your agent (or another agent) "I have this condition and am taking these medications will your company give me a preferred rating".

Don't get your hopes up though. Depending upon the health issue you are dealing with most company underwriters will not be offering you preferred rates.