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Insurance Companies Raising Term Life Premiums
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"Insurance companies are raising the premiums on term life" says The Wall Street Journal.
For the past two decades, term life rates have been falling as a result of improved life expectancy and internet sales. However, since January many insurance companies have raised their premiums on average by 5% to 15%. According to insurance company executives, the premium increase is due to the economic down turn which has affected their reinsurance cost and cost of capital.
Insurance experts and economists are undecided whether this is the beginning of rising life insurance cost or just a temporary increase. Therefore, if you look for a new term policy every few years or need to increase coverage, now is the time to get your new policy before rates increase.
Source: McQueen, M. (2009, June 9). Insurers Raise The Premiums On Term Life. The Wall Street Journal. www.wsj.com.
We Will Review Your Policies
If you would like for us to review your policies, please let me know. We can help you lock in your term life rates and give you confidence moving forward.
Brian Kasarjian
Life & Employee Benefits Consultant
334-387-4314 Direct
brian@starkeagency.com
