What happens if I lose weight or quit smoking after my policy is issued? Can I just let them know for a lower or non smoker rate?
No, you cannot simply let the insurer know, but you can let us know, and we'll help you get a new, lower rate for your life insurance coverage.
Letting the insurer know about your improved mortality risk wil be to no avail because once you buy a life insurance policy, your health class (rate class) is locked in. That policy's rates will always be based on whatever your health class was at the time the policy was created. The good thing about handling life insurance rates this way is that even if your health deteriorates, you can continue paying low rates, just as though you were perfectly healthy.
If your risk improves, then, the only way to get lower rates is to create a new life insurance policy. As soon as we find you a newer, cheaper policy, we can discontinue your previous coverage (transferring any existing cash value from the old policy to the new one, if the policies are both cash value life insurance).
With regards to smoking, insurers require applicants to have not smoked for a certain duration before they can be awarded non-smoker rates. Just how long this duration is varies from company to company, so call us, and we'll begin your search.
