Recently, The Consumer Reports Money Lab found some hidden ways for regular people to save money at home while their gasoline and food costs rise. The study cited reduced Life Insurance Premiums as on of the best sources of savings. I have been saying this for years, and now I have Consumer Reports backing me up.The simple fact is, life insurance premiums have dropped drastically over the last decade. Yes, it is almost a given you will find cheaper term life insurance now than when you invested in insurance 10 years ago. Changes in the industry have made life insurance affordable for everyone.
Even if you purchased term life insurance ten years ago, it will probably save you significant money to go ahead and get new life insurance quotes, and replace your old policy. You will find low cost life insurance from A Rated Companies even though you are older now than when you bought your policy. Just make sure your new life insurance policy is active before you cancel your old one.
Look at the example used in The Consumer Reports Money Lab report. It will blow your mind. This example will shows a 60 year old nearly cutting his life insurance premium in half.
"A $500,000, 20-year guaranteed level term from Prudential Life Insurance, for example, would have cost a 50-year-old man about $2,125 a year in 1998. Today the same guy, now 60, could pay Prudential $1,385 a year for the same coverage over the next 10 years, saving $60 a month."
Imagine how affordable life insurance is for someone age 50 or below. Even if you have universal life insurance or whole life insurance, you need to get a new quote.
Just use a service that will give you the lowest rates from A Rated life insurance companies in your local area. TermInsurance.com uses zip codes to give you instant access to online life insurance quotes in your area, and all the life insurance basics.
4 comments:
I have to agree. Life insurance turned into mass product, you can shop it like socks or newspapers, but the power of the insurance is still the same. If you check term life quote Canada, you can see 20 years $500 000 policy for 50y old starts at $1380 annually - term life insurance is cheap everywhere!
Lorne
In addition, keep in mind that even if you bought term life insurance 10 years ago, it doesn't necessarily mean you found the lowest term rate available on the market. It is definitely worth taking a look. It's free and only takes 10 minutes.
You should always check with your current auto or home insurance agent before you Buy Term Life Insurance. Many companies offer a discount if you hold additional policies with them.
During my research on the affordable term life insurance policies, found that most of policies offered by the insurer are of different categories and levels. It depends upon you what kind of coverage you want and how much rate you can pay for your insurance policy. The cost of the policy varies depending upon your income, age and number of dependents. Furthermore, if you have debt burden, that is also accounted for while devising the policy.
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