Licensed Life Agent, Life and Finance/ 50 States, New York
Life Insurance policies are always level term policies meaning that the premium will never raise for the life of the policy. So if you are 25 years old and you buy the policy at that age and at the rate charged which will pertain to risk like smoking, of any other conditions then you will pay the same premium for the lifetime.
The only exception is that if you have a Term Life Policy, in which you will pay the same premium for the term of 10, 15, 20, or 30 years then when that term is completed you may buy another Term but the rate will change due to age or health, so you will definItely pay a higher premium.
Life Insurance Premiums may or may not be raised depending on the product, interest rates earned or not earned and company strength.
Term products are generally guaranteed for the term however there are term products which may increase every few years.
Permanent products like Whole Life, are generally guaranteed however Universal Life products are designed not to increase if funded properly but is not guaranteed.
Be sure to understand the policy which you are interested in, the guarantees or lack thereof. Contact your agent if your unsure.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Can insurance companies raise prices? Yes or no, depending on the product you choose to buy. Whole life policies tend to have a guaranteed premium that the company cannot raise the price of. That is a reason whole life tends to be more expensive than other choices, because the insurance company cannot at a later time, change the cost.
Term policies on the other hand, may offer a period of time where the cost is locked in, but it usually won't be for the life of the policy. A person could have a period of time where the cost stays the same for say, ten years. After ten years the price would go up every year the policy remained in force.
Can a life insurance companies raise premiums on policies ? It depends.
A life insurance policy is a contract and terms of the contract will dictate whether or not premiums can or will be raised. For example if you have a guaranteed whole life policy the wording will probably indicate premiums level. If you have a term policy that renewals after 10 years, then the premium will rise.
A previously mentioned, you would be bested served meeting with a local independent broker to help you determine what plan is right for you.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
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The only exception is that if you have a Term Life Policy, in which you will pay the same premium for the term of 10, 15, 20, or 30 years then when that term is completed you may buy another Term but the rate will change due to age or health, so you will definItely pay a higher premium.
Term products are generally guaranteed for the term however there are term products which may increase every few years.
Permanent products like Whole Life, are generally guaranteed however Universal Life products are designed not to increase if funded properly but is not guaranteed.
Be sure to understand the policy which you are interested in, the guarantees or lack thereof. Contact your agent if your unsure.
Term policies on the other hand, may offer a period of time where the cost is locked in, but it usually won't be for the life of the policy. A person could have a period of time where the cost stays the same for say, ten years. After ten years the price would go up every year the policy remained in force.
A life insurance policy is a contract and terms of the contract will dictate whether or not premiums can or will be raised. For example if you have a guaranteed whole life policy the wording will probably indicate premiums level. If you have a term policy that renewals after 10 years, then the premium will rise.
A previously mentioned, you would be bested served meeting with a local independent broker to help you determine what plan is right for you.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.