RSS FeedGrab low prices before life insurance rates increase Bellingham Herald
Over the past several years, prices on simple term-life insurance have been plummeting. Premiums in recent years could be less than half of what they were in the early 1990s. For example, the same policy that had an annual premium of $1,400 back then might have cost $350 last year.
The price drop represented easy savings for consumers, who could simply buy a new, lower-priced policy — even with the same insurer — and then cancel their old one. They could choose to buy more coverage for the same money or buy the same amount of coverage and pocket the savings.
Unlike refinancing a home mortgage, which involves expensive closing costs, swapping term-life policies is free to consumers. The insurer pays the "refinancing" costs, such as a medical exam and the administrative expenses of setting up a new policy.
For smart spenders, replacing an old policy with a new one was a no-brainer.
That's changing. Here's what you need to know about term-life insurance:
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