a pretty straight forward question...are
you paying too much for your existing life insurance?
The answer is maybe and you can quickly
find out by using our
instant term life
insurance quote engine but there are a
few considerations to look at.
Let's see what's involved in answering
the question, "Are you paying too much?"
Comparing your current whole life policy
you have a current
whole life policy,
you are likely paying quite a lot.
Whole life can be 10 times what term
costs for an equivalent amount of life
insurance...especially if it's an older
policy. Our theory is
simple...take the 90% difference in cost
and either invest, buy more term life
insurance, or ideally...a combination of
both. Check with your whole life
policy to see if you can pay premium
with cash value (your cash in the form
of extra premium by the way)
interest/investment gain to free up
money for the less expensive term
premium. We would be happy to
analyze your situation and help you
determine if you are paying too much.
term life insurance policies
drop in term life costs has been
amazing. We're not saying this as
some kind of sales hype. It really
has fallen significantly and quickly.
The term life market is just extremely
competitive and this type of coverage
really has become a commodity.
Another contributing factor is life
expectancy. If you think of the
many health conditions and diseases that
were once death sentences just 1-2
decades ago...it's obvious that the risk
has changed from one of mortality (life
insurance) to one of morbidity (health
insurance). Have you noticed the
health insurance premiums
over the past 10 years? There's no
downside to comparing the rates for your
older policy through instant quoting
engine with what's currently on the
Original health class
may be paying more due to an original
(and riskier) health class designation.
This could be due to health issues at
the time of enrollment and/or the fact
that a particular carrier was more
strict at that time for your given
situation. Along with a reduction
in premium, over the last few decades,
there's been a general loosening and
insurance underwriting eligibility
requirements. It definitely makes
sense to run a quick term life insurance
quote to see if you can take advantage
of these two trends.
sure to never cancel existing life
insurance coverage you until you
received written confirmation of
approval from the carrier with
satisfactory rates and terms. It's
best to discuss your situation with a
licensed professional life insurance
broker like us.