Life insurance; I want to lower it but company says I have to have a physical?

Question

I have more life insurance than I need now that my son is grown, and I've sold my house, so I checked into lowering my coverage. I'm concerned that my insurance company might not be telling me the truth.

I asked my agent about lowering my policy amount, and he said I'd have to take another physical. I thought this was rather odd, since I'm not raising my coverage, but lowering it.

I have had nightmare issues with this company in the past with not paying benefits (after Hurricane Katrina). They were hostile, unprofessional; just horrific.

My agent here in my town is aware that I have had health problems the past few years, so it makes me wonder if this is on the up and up. I'm thinking they could be using this to try to deny me? (I have no life threatening conditions, nor smoke).

I would gladly switch companies, but I'm not sure how easy it is to get coverage.

Any input, and any suggestions of who are the best companies to get on with, is much appreciated!

Thanks!

Answer 1

new policy  new physical simple as that. in your case though it sounds like they are aware of your health issues and want to drop you like a hot potato.

Answer 2

I think your agent is wrong; I'd ask them to double check with the company.   You need a physical to INCREASE coverage, unless your agent is planning on aving you get a whole new policy.

Answer 3

There should not be a problem to lower the death benefit on a life policy. You should not have to take a physical exam unless you were increasing the death benefit, or applying for a new policy.

Ask your agent to submit an endorsement to lower the policy face amount. All he has to do is put the requested reduced amount on the endorsement request, and have you sign it.

"Karen H" says she got a policy with Physicians Mutual, and didn't have to take a medical exam or answer health questions.

These types of policies are usually guaranteed issue, or modified life policies. They have no health questions, due to the fact that they have a two-year limited benefit. In other words, if death occurs in the first two policy years, the company pays the beneficiary the amount of premiums paid, plus interest. The policy is in full benefit usually after two policy years. The policies will pay for accidental death in the first two policy years, but not death by natural causes.

Answer 4

Get it from Physicians Life Insurance.  You don't have to take a physical or answer any medical questions!  I got my life insurance there.

Answer 5

I'm with you, doesn't sound like your guy is on the level. Where are you located now? I'm currently in La. and would be more than willing to assist you before you make any changes to your policy. I could help you find out if coverage would be more, or if you would be able to obtain coverage before changing anything. Lowering your coverage should actually be cheaper. please contact me @ [e-mail]

Answer 6

Your situation are typical for a lot of people,so,be patient and calm down,check the resource i found useful.http://health-insurance.online-tips4u.in...

Answer 7

If the company is requesting that you "must" take a physical they are lying.  To decrease your coverage you DO NOT have to prove insurability only if you wish to increase your coverage.  Though if you wish to stay with that company it sounds like the agent is the person that could be misleading you maybe not necessarily the company.  Either way if you're looking into changing insurance companies sometimes they will buy your current policy therefore you're not starting from the bottom or you may need to purchase a new policy.  The only downside to that could be that you may end up having to take a physical anyway if you change companies, but this is not always a guarantee.

Feel free to email me at [e-mail] if you need more help I'm an agent with MEGA Life & Health.