Before last year, life insurance rates had been on the decline for over a decade. Now, they are slowly starting to climb back up.
The economy is still lagging, so why are insurance companies raising rates now? One of the main reasons is that regulators are starting to require them to set aside more money in reserves to ward against future economic damage.
This is an ideal time to shop your life insurance premium around. If you’ve had life insurance for a long time, chances are that you’re paying too much. If you acquired your policy in the early 90’s—when rates were at an all-time-high—you are almost definitely paying too much.
Most insurance companies have either raised rates recently or are about to. Because insurance companies don’t all operate in unison, it’s important to shop around and find a quote from a company that hasn’t managed to raise their rates yet.
Get life insurance quotes online at: http://www.accuquote.com
(Note that this only applies to term life insurance. Term policies are straightforward insurance policies that offer a death benefit but no investment options. They differ from so-called “permanent” insurance that combines a death benefit with an investment option.)