Life Insurance Getting Cheaper

(Everyone knows that life insurance is a very important part of life; they just don't want to talk about it.)

Life insurance can be a very uncomfortable topic for a lot of people because it deals with a painful situation - Death.

Although death can be a very prickly subject for a lot of people, it is still a subject that must be discussed, especially if you have a family and children that relies on you for income.

The goal of a life insurance policy is to give your beneficiaries financial security and protection should something happen to you.

The good news in all of this is that life insurance premiums are actually the cheapest they have been in a very long time, so now is the best time to look into taking out a life insurance policy.

People who used to think it was just too expensive or taboo now have no other excuses.

An October 9, 2006 article by Sandra Block of USAToday.com, "Bad news, good news: Millions need life insurance; it's getting cheaper," looks into how life insurance rates are at an all-time low.

"Nobody wants to talk about life insurance. But if you have young children or others who depend on you, you should have it. Millions of Americans have no life insurance, and millions more don't have enough to provide financial security for their loved ones. That's a shame, because if you're reasonably healthy, you can buy a lot of life insurance without spending a lot of money."

Many people just do not realize how painless, easy and cheap it is to enact a life insurance policy. People have these antiquated ideas in their heads about how expensive a life insurance policy is.

But in reality, on average, life insurance premiums have been falling at an average rate of 5 percent a year since 2000 according to the Insurance Information Institute, and they are expected to drop another 4 percent in 2007.

The main reason why the majority of insurers have reduced their going rates is because people are living a lot longer.

"'The rates are as low as I've ever seen,' says Byron Udell, CEO of AccuQuote, an online insurance broker. Life insurers have reduced their premiums because people are living longer, lowering the risk that the insurers will have to pay benefits to survivors, says Steven Weisbart, an economist for the institute."

And if you think that your health is the only thing holding you back from a life insurance policy, then think again. Even if you are not in the greatest health, you still can be insurable.

"Advances in the treatment of cancer and other diseases have led insurers to lower premiums for people once considered high-risk. In the past year, Hartford has reduced premiums for women who have been treated for early-stage breast cancer and men who have had surgery for moderate levels of prostate cancer. Prudential announced last week that it will lower premiums for people who have been successfully treated for heart disease."

So it seems like there are no more excuses for not having a life insurance policy in place. Money, health and time are no longer things standing in the way of protecting your family. So what are you waiting for?

Back to Articles