Term Life Insurance Quotation — A Trick Insurers Don’t Ever Want You To Discover
December 20th, 2009
Even though you can pay less and attract the best term life insurance quote by reducing your coverage, it is not advisable if it compromises you and yours. Here’s a safer way…
During a medical exam, a man told the medical specialist that he smoked a cigar about only once a year to mark special occassions. He thought that his insurer would appreciate that cigars for him were only to mark special occassions
His insurance provider had a different view and gave him the same rates as if he were a chain smoker They gave him a rate that was so high it was about twice as high as rates given to non-smokers.
Usually one would have thought he would take it as final since it came from a reputable insurance company He would not settle for that on his part since he reasoned that smoking just once yearly didn’t put he in the same position as a two-pack-a-day man
He wrote stating his peculiar position to the insurance carrier and therefore asked that the give him a non-smoker’s rate. His position was finally accepted by the insurance provider and his rate was reduced by 50%.
With a lot life insurance carriers out there, competition for prospects can only be very fierce. You can, and should, benefit from this whenever you feel you have a good reason that entitles you to paying less Insurers are only concerned with ensuring that your rates reflect your risk to them
So if you have a cogent reason to demand for lower rates, ask. The worst case scenario is that they will NOT offer you any discount Nevertheless, make sure that you do NOT misrepresent the facts to make yourself appear to be a better risk than you are Doing so could compromise your life insurance policy as your insurance provider could simply choose to pay your beneficiaries the total of premiums paid in addition to accrued interests only
Entry Filed under: Miscellaneous