1. COO and Senior Agent, Outlook Life, All 50 States
    Yes, unless they are guaranteed to stay "level", life insurance premiums can increase. One of the biggest factors on how much life insurance costs, is the length of time for which you lock in your premiums. E.g. If you buy a 10 year level term policy, the premium will be relatively low, but will only stay the same for 10 years. After that, the premium will increase drastically. However, if you buy a permanent policy with guaranteed level premiums, the initial premium will be higher, but you will never experience a rate increase. 

    When you are approved for a life insurance policy, you will see right at the front of the printed policy how long your premium is guaranteed to stay level, and at what point the premiums could/will increase. If you are nearing a point in your policy where your premiums will go up, you might want to take care of that now, as you may have options now that will not be available after the premium increase takes effect.
    Answered on December 13, 2013
  2. Gary LanePRO
    Licensed Insurance Agent, Gary Lane, California
    That depends on what you buy. If you buy term insurance, it can change each year, or if level term, at the end of whatever term you buy. Then it will go up since you are older and perhaps not healthy, and perhaps even uninsurable. That is why Whole Life is the best. It never goes up, ever. It is fixed for your lifetime, and builds up cash value, to even help you pay for it later on, or borrow against it for a home, or even for retirement. Call an experienced agent who can review your needs and give you the best alternatives. Gary Lane, Registered Agent, New York Life, 714 422 9616.
    Answered on December 16, 2013

Add Your Answer To This Question

You must be logged in to add your answer.


<< Previous Question
Questions Home
Next Question >>