What must an insured present to switch from a lower premium to a higher premium policy?

To switch from a lower premium to a higher premium policy, the insured must provide satisfactory evidence of insurability. This requirement exists because insurance companies need to assess the risk associated with the individual wanting to switch their policy. A higher premium typically corresponds to a policy offering greater coverage or benefits, which may also indicate a change in risk level.

Insurance companies ask for satisfactory evidence of insurability to ensure that the insured’s health status and overall risk profile align with the requirements of the new policy. This could include information such as medical history, lifestyle habits, or any changes in health condition that may have occurred since the original policy was issued.

The need for this evidence is crucial because it helps insurers maintain the integrity of their risk assessment process and manage their risk exposure effectively while determining appropriate premiums for different policy holders.