When I became a dad, getting my life insurance sorted became a top priority. I already had a $1,000,000 policy from over a decade ago when I was planning to get married. Now, with a mortgage and a new child, I looked into increasing my coverage to a $2,000,000, 25-year term life insurance policy, which would cost me $181 a month. This involved health checks including blood work and an EKG—procedures I’m not fond of but are necessary for the sake of my family’s future security.
The lab technician completed the tests at my home in about 40 minutes. A couple of weeks later, I learned from my insurance provider that my results were excellent, except for slightly high cholesterol. Because of this, they couldn’t offer me the initial “Preferred ULTRA” rate. Instead, they offered the “Preferred PLUS” rate at $226 a month—a 25% increase from the original quote. They also mentioned that if I could lower my cholesterol within two years, they would revert to the original rate of $181, but only if I signed up at the higher rate immediately.
Feeling like I’d experienced a classic bait and switch, I was frustrated. This situation felt unfair, especially since the agent mentioned they would check in with my general practitioner for my past medical records.
It’s important to realize that just like car dealerships lure customers with the lowest price, life insurance companies might do the same. They draw you in with a low quote, but the actual price you pay could be much higher after health assessments. If I’d known the true cost from the start, I might have opted for a lesser amount to keep my premiums below $200. Over 25 years, the cost difference is significant.
To check if I was really getting a good deal, I used an online platform to compare life insurance quotes and found even cheaper options than what my long-time provider offered. This discovery led me to consider switching providers to get a better rate.
Always shop around for life insurance quotes, and don’t be surprised if the initial quote changes after your medical exams. If you’re diligent and check other offers, you might find a better deal, ensuring you pay a fair price for the coverage you need.
