Although you can make savings and get cheap insurance life term rates by reducing your coverage, it is not recommended if it compromises you and yours. I’ll share a better way…
There was this man who only smoked a cigar once yearly to crown great occasions and he went further and told his medical examiner just that. His thought was that since he only smoked about just once annually and made this known to the medical examiner, this would NOT factor negatively on his life insurance premium.
The rates he was given showed that his insurance carrier had a different view of his once-in-a-while smoking. He was given a rate that was more than twice non-smokers’ rate
Ordinarily everybody would accept their fate and the rates they get if they believe the insurance company in question is highly reputable He chose that he will NOT let any insurer give him what he considers an unjust rate that didn’t reflect the real position of things.
He wrote explaining to the insurance company and therefore asked that the give him a non-smoker’s rate. His case was made an exception after weeks of negotiating and explaining. He received a fifty percent reduction in his rate
With the many life insurance carriers out there, competition for prospects can only be very fierce. This is something you ought to take advantage of mostly when you’ve got a good case All insurance carrier would gladly offer you cheaper premiums if that’ll enable them do business with you but still compensate them enough for the risk they will carry by insuring you
Therefore, don’t be afraid to bargain if you think you really do have a case This doesn’t suggest in any way that you should give cooked-up details in other to negotiate a better rate. You can make your life insurance policy null and void if your insurance carrier can prove that you gave them wrong information about yourself