Shopping for Term insurance after getting approved for one

Hi received a term insurance quotes for me and my wife on one of the insurance aggregators, where you fillin your information and they spit out a list of insurance companies and their quotes. The top quote with the lowest amount (but only by a few cents as most quotes were within the same range) said they may not require medical exam if I submit the application with them. Me and my wife both are healthy individuals without any major medical illnesses.

I went ahead and we both got approved at the quoted price without doing any medical examination. So I made the payment and got the policy started. Note: I am still in the first month of a 30 year term. The more I read, I found few post where some people got a lower rate once they completed their medical examination. It has been only 1 month since both our policies started my questions are:

Is it advisable that I apply for other insurance companies as well and see if they offer lower rate after medical? While we both are healthy, if the other insurance company finds something and decide to quote a higher rate or deny us will that information be shared with the company I got the policy with today? And can my current policy provider cancel an ongoing policy? Any pros and cons in favor of shopping around after the fact that I have started a policy?

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submitted by /u/wayfarer_me
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