Insurance Broker Defines Reconsideration Period
As an experienced Insurance Broker, I often get questions from clients about the reconsideration period. A reconsideration is a period of time where the insurance companies will allow you to go back to them to obtain better rates. You may be currently just finding out you have high blood pressure and you have to be put on medication, and so they give you a rate that’s a little higher for now, and they say, well, if that’s in check two-years from now, we’ll allow you to get the better rates.
It could be a weight issue where when you apply you’re 220 pounds and they say, okay, we’re going to give you a Table 1, which is a higher rate. Then if you lose the weight and go back to them after a year then they will give you a new rate.
Once you get the new rate you get to keep it and they can’t make it worse. There’s no problem with trying to go back and get a better rate because each rate that you receive, is guaranteed.
If you have any questions about the reconsideration period, contact our professional Insurance Brokers for guidance. Let our knowledge work for you.
This educational blog was brought to you by Insurance Broker Michael J. Bruno, seasoned Chartered Financial Consultant, Chartered Life Underwriter and Registered Health Underwriter. Specializing in financial planning and life insurance for physicians and dentists for over 30 years.