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possible to lower your term life insurance policy premium?

instead of shopping around for a new company, i was wondering if i can contact the current company to see if they'll lower the rate due to the insured person's improved health. the person was extremely close to qualifying for the best rate, but technically fell in the second best rate, but we're confident that the best rate will apply at this point. thanks in advance for your reply!

Public Comments

1. 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..
2. No, they can't do that. You have to reapply.
3. The possibility of a rate change will vary from company to company. Just two weeks ago I helped to change the rate for one of my clients by having them moved from the standard rate category to a preferred rate category. Additionally, my company will allow people to remove the tobacco usage rating from their policy if they stop smoking for 12 months and submit a negative test result for nicotine. The only way to know this answer with 100% certainty is to review your policy or speak with your agent. If they do not know the answer, they should be able to find it.
4. Yes, it is possible, but as previously stated, it is rare or unlikely due to age and the fact that he/she will have to be re-underwritten. Sincerely, MarcosVicente
5. You can lower the amount by lowering the amount of coverage, but to get a better rating you need to buy a new policy.