IS IT TIME TO REWRITE YOUR TERM INSURANCE?

How much are you paying for term coverage? Term life insurance today is cheaper than it has been in about 20 years, as competition has driven premiums lower and lower.1 With hundreds of insurance firms offering term policies, it might be time to rewrite yours.

How cheap is term coverage right now? Why have premiums become so inexpensive? You can chalk it up to a few powerful factors: death rates have declined markedly in recent decades, and men are starting to close the life expectancy gap on women. Plus, insurers are going all-out to get your business - advertising online, on the radio, on TV and seemingly everywhere else.

Besides low premiums, what else should you look for? You want a guaranteed renewable policy, which will let you renew your term coverage at the end of the given term without having to undergo a medical exam. You also want fixed premiums for the life of the term, as opposed to a "teaser" premium that rises after a few years. You can buy a term policy lasting 10, 20, or 30 years; the shorter the term, the cheaper the premiums.

Cheap premiums shouldn't be the only factor in selecting term coverage. There's also the health of the company to consider. Insurance companies do go out of business - it is rare, but it happens. Did you know insurance companies are rated?

How can you save money? Make sure you talk with a qualified insurance advisor who can give you an overview as well as an update on the best rates out there. You may be pleasantly surprised what kind of term coverage you can get today - for less.



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