Is my rate guaranteed?
Guaranteed Life Insurance Rates
Term life insurance rates are guaranteed to stay the same for the length of the term life policy. In your initial request for life insurance, the term life rate you receive is based on simple factors (i.e. age, height, weight, smoker/non-smoker, male/female, family history, current medication, etc). However, this term life quote is not always the price you will end up paying.
Once an application and medical exam are completed, they go through full underwriting by the life insurance company you've selected. This process usually takes 4-6 weeks and involves a review of your lab results. It will often include a review of your medical records from your primary care physician as well. Once all application requirements are submitted and reviewed, the life insurance underwriter will make a final decision on your application. It is at this point that your life insurance rate is set.
Once the policy is placed in force your rates will remain the same for the entire term period (5, 10, 15, 20, 30). Because term life insurance policies are a type of level term insurance, there will be no increases to your premium during the term period.
