This is the only way to ensure that you pay the proper amount to cover your risk level. No, once you have been rated we cannot increase your premium should you encounter health issues down the road. On the other hand, you may be eligible to have your premium reduced if your overall condition improves. This process is called reconsideration . Reconsideration gives customers with rated policies the opportunity to have their premiums reduced at a later date if they can demonstrate that the reason for the rating has disappeared or improved.
Reconsideration is granted on an individual basis.
Just because a policy has been rated does not mean that you should automatically turn it down. There are a number of reasons why accepting the policy is a good idea. It is to your advantage to accept a rated policy because of the needs you identified with your financial representative. You will save money by starting now. Waiting just one year to buy a policy could mean an increase in premiums.