Can you save on your term life insurance?
The premiums of term life insurance policies (ORVs for short) have fallen sharply for years. In many cases, the premiums are half that of 10 or 20 years ago. Have you not yet closed your orv? Then it may pay to investigate whether you still need to do that.
Term life insurance entitles you to a benefit if you die before a certain date. Your next of kin can use this amount (the insured capital), for example, to (partially) repay the mortgage or to absorb loss of income.
If it has been a while since you took out the insurance, there is a good chance that you can save on the premium of your orv. That is especially true if you are a man. Until 2013, men had to pay more in premiums because they live on average less than women. Insurers are now no longer allowed to make a difference.
If you want to transfer your orv, you must fill in a health statement again. This is assessed by a medical advisor. On the basis of his advice, the insurer can subsequently request a medical examination.
If you now have ailments that you did not have before, this may affect the amount of the new premium. But even then there is a chance that you will be better off than now.
Orv can be encrypted or pledged
An orv can be part of a savings or investment insurance policy. Transferring such an encrypted orv is quite complicated and not always advantageous. That is because you also have to take out your savings or investment insurance again.
The same may apply if your OR is linked to the mortgage. A pledged orv, as it is called, is the collateral for the mortgage loan. As a result, you can usually not just transfer the insurance. An Accredited Financial Advisor can tell you more about it.
I would like to help you
Do you want to know whether you can save on the premium of your term life insurance? Then contact me. I would be happy to help you investigate whether your premium can be reduced and whether the insured amount still suits your wishes.