Many people are surprised to find out that their life insurance premiums can go up even if they have a guaranteed premium policy. There are a few reasons why your premiums may increase. One reason is simply that you’re getting older as you age, you become more of a risk to the insurance company and they will charge you more accordingly. Another reason your premiums may go up is if you have any health issues that develop after you purchase your premiums. If you develop a serious health condition, the insurance company will likely raise your rates. Finally, if you make any changes to your life insurance policy, such as increasing your coverage amount, your premiums will also increase while it’s important to be aware that your premiums can go up. It’s also important to remember that there are many types of life insurance policies available and some will have level premiums while others will not, no matter what type of policy you’re considering. It’s always a good idea to compare quotes from multiple insurers to make sure you’re getting the best rate possible.
We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.