My Life Insurance Premiums Increased – Now What? (2022)

If your life insurance premiums have increased, you’re not alone. In the last year, premiums have increased. this can be quite a shock if you are not prepared for it. however, if you can’t pay your premiums, there are some things you can do.

why did my life insurance premiums go up so much?

There are a few reasons your life insurance premiums may have increased. one of the reasons is that you are getting older. As you age, your risk of death increases, which means life insurance companies will charge higher premiums.

Reading: Why did my life insurance premium go up

Another reason to increase premiums is changes in your health. if you’ve been diagnosed with a new medical condition or your health has worsened, your premiums will go up.

Finally, changes in the economy can also affect your premiums. For example, if there has been an increase in inflation or interest rates, this may lead to higher premiums.

what life insurance policy premiums increase?

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Not all life insurance policies will have higher premiums. For example, term life insurance policies have level premiums, meaning your premium will stay the same for the life of the policy. however, after the term expires, you will need to reapply for coverage and your premiums will likely be higher.

If you have a whole life insurance policy, your premiums will also stay the same. however, this type of policy has much higher premiums than term life insurance.

what can I do if my life insurance premiums are too high?

If your premiums go up and you can’t afford them, there are a few options available.

find a cheaper policy

One option is to switch to a cheaper life insurance policy. For example, if you have a whole life insurance policy, you may be able to switch to a term life insurance policy. this will likely lower your premiums.

You can talk to a life insurance agent about your options. they may be able to find a policy with the same coverage for a lower price. You can also shop around and compare rates from different companies.

convert your policy

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If you have a term life insurance policy, you may be able to convert it to a whole life policy. this will usually cost more, but will cover you for the rest of your life.

cancel your policy

You can also cancel your life insurance entirely. this is generally not recommended, but may be your only option if you cannot afford the premiums. if you have dependents, make sure you take care of them financially if something happens to you.

sell your policy

Finally, you can sell your life insurance policy for cash. this is called a life agreement or viatical agreement. you’ll get less money than the death benefit, but it may be a good option if you need the money now.

next steps

So if you’re finding it hard to keep up with your life insurance premiums, don’t panic. instead, talk to your agent and see what options are available to you. you may be able to find a policy that is more affordable and still provides the coverage you need. And remember, we’re always here to help you find the best policy for your needs. Contact us today for a free quote and let us help you get the peace of mind you deserve.

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