Quote:
Originally Posted by aim-high
Steve,
You said you have changed your policy twice. Do ppl change policies during the term of the policy to get a better rate on their premium ? I am trying to understand if I need to keep something in mind once I get a policy.
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Two reasons:
1. Term rates have been steadily falling over the past 10 or so years so it made financial sense to replace an older policy to get a lower premium.
2. As you get older, your need for life insurance gradually diminishes so when I replaced my existing policy, I also reduced the coverage amount, which helped the premium as well.