You pay a lot less for term life insurance today than you would 20 years ago.
A couple of weeks ago I picked up a rate book from one of the finest and largest life insurance companies in the industry. I was just scanning the pages and it occurred to me that the term insurance premiums looked really high. I decided to do a comparison between todays premiums and the premiums of yesteryear. The results were quite surprising.
Although I was very aware that term life insurance premiums had been lowered considerably by insurance companies I was not aware that the difference was so great. The premiums for the year 2007 are one third of those for 1987 in many a case and in some cases as little as a quarter of the 1987 costs. That is a dramatic change. Why is this?
I am not an actuary or a statistician but based on what has occurred in the industry over that time period it would seem that the rise in demand for term insurance has dramatically affected the cost. Everyone wants term insurance now. Some people are aware that they may need to convert to a permanent policy later on but there are those who have no intention of buying any other type of insurance.
I...
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