Ive heard term insurance rates have fallen dramatically in the past few years. Why?
First, you’re right. Rates have never been lower. In fact they have fallen approximately 40% in the last few years alone! That’s a big drop, and a big savings. It is, however, very explainable. Today, life insurance companies obtain more information and better information about you before they accept you at their lowest rates. In the past, exams and blood tests were performed for only the larger face amounts and older ages. Now, virtually everyone must submit to a paramedical exam, including blood and urine tests. The age of computers and the internet has made it possible for new rates and plans to make it to the market faster than ever. The moment a new plan is introduced, the whole world can know about it almost immediately. Years ago, it would take months or years for agents to find out about, and notice new products. As a result of the quick dissemination of information, each round of competition happens faster than in the past. Advances in medical care have made it possible for pe
