Although you can save and get affordable life insurance rate by reducing your coverage, it is not recommended if it compromises you and yours. I’ll share a safer way…
There was this man who only smoked a cigar once yearly to crown special occasions and he went ahead and told his doctor just that. His thinking was that since he just smoked about just once every year and made this known to the doctor, this wouldn’t factor negatively on his life insurance premium.
He was wrong as the insurance company he settled for ended up giving him similar rates with a two-pack-a-day man They gave him a rate that was so high it was approximately twice as high as non-smokers’ rates.
Usually everybody would accept their fate and the rates they get once they believe the insurer in question has a good reputation He wouldn’t accept that on his part since he reasoned that smoking only once annually didn’t make as bad a risk as those who smoke two packs everyday
He wrote to his insurer requesting that they lower his rate to that of a non-smoker considering that he only smoked a cigar to celebrate special events probably once each year To cut a long story short, he eventually had his rate reduced by up to fifty percent after weeks of bargaining
Believe it or not, competition in the life insurance industry is stiff You can, and should, use this to your advantage whenever you feel you have a valid reason that entitles you to paying less If you can convince an insurer that you are less a risk than they thought you were, they can lower your rate.
Bearing this in mind if you have strong reasons to believe you really should get cheaper rates, don’t be scared to ask your insurer. This doesn’t imply in any way that you should present false details in other to negotiate a better rate. You’ll be at the mercy of your life insurance carrier if you give them false details about yourself as they’re free to NOT pay according to policy terms if information given during application is forged.