Life Insurance Question

[buzzlady]

DH (age 49 - will be 50 in Feb)has had his current life insurance policy for about 18yrs. He was a smoker at the time he took out the policy. Since then he has had a heart attack and as of Dec. 8th will be smoke free for 1 yr.

My question is would it be better to just leave the policy alone since he has had a heart attack or do you think that he could get a lower rate (pays about $525 yr) being a non-smoker?

 

[Hedy]

I might get some quotes, but I think the heart attack might make it hard to get insured.

 

[golfgal]

I might get some quotes, but I think the heart attack might make it hard to get insured.

True, if you change to a new policy now you will have to prove insurability and with the heart issue, that might be hard. Call your agent and see what they have to say about your policy, a lot of it will depend on what kind of policy you have, what endorsements, etc. you have.

 

[salmoneous]

Most insurance companies will let a smoker switch to non-smoker rates with only a statement that they have been smoke free for a period of time - possibly backed up with a blood test. Check with your agent to see about your policy - but you might be get the cheaper rates without having to get a new policy, or be re-underwritten.

 

[Melisa1]

Does he have a term policy or a whole life policy? May sound like a silly question, but I have 19 years in the insurance sales industry. With a heart Attack within 5 years, it would be extremly hard to go with another company. You might contact your agent and let them know he is a non smoker and the rate could "possibly" be lowered. If he does have a term policy, you might want to look at converting to a whole life policy. I can't speak for your state laws but in alot of states you can convert from term to whole life without having to show evidence of insurability, which means that the heart problem wouldn't keep him from keeping the coverage that he needs. Feel free to PM me if you have any questions.