Term life prices are at record lows; but what does that mean for you, the consumer? And what does the future hold? Read below to find out!

Prices Are Low And May Continue To Fall
Term life insurance prices started falling in the early 1990s, and rates are now over 50 percent lower than a decade earlier. With rates remaining at record lows, and many experts predicting that prices will continue to drop when the major insurers adopt new mortality tables based upon the increase in average life expectancy, now is the time to purchase a new policy and lock in the best prices. Even if you purchased your policy several years ago, chances are that you can still lower your prices. While many people in the U.S. remain completely uninsured when it comes to life insurance, even more who are insured are underinsured. Many consumers may own only half of the commonly recommended amount (6-10 times your annual salary). Now is the time to shop for term life insurance rates, and think about purchasing a new policy. You may be able to afford more coverage than you think for low monthly payments!

Competition For Market Share Is Hot
Besides the upcoming implementation of new mortality tables, the current low prices are also caused by extreme market competition. There are a plethora of companies out there competing to insure consumers. Not only does this keep general prices low, it also means that people who may have previously been deemed uninsurable or who would have had to pay increased rates for the same coverage can also now find competitive rates. Occasional cigar smokers, private pilots, extreme athletes, people with heart conditions or diabetes; all these people can be insured for competitive rates if matched up with the right company.

And that’s where InsWeb comes into play; we represent the top rated insurance carriers and can match you with the best company for your specific needs and personal profile. This means not just the super-healthy or elite can enjoy current record-low term life insurance prices!

Don’t Wait – Buy Now!
Prices at InsWeb show that a healthy non-smoking 30 year old male can get a 10-year, $500,000 term life insurance policy for as low as $16.19 per month. Now if that same male should wait until he was 40, his lowest price for the same policy goes up $3.50 per month. And that’s assuming he’s still healthy and has no new medical conditions or hobbies. Over 10 years, that’s a difference of $420! If the same male should wait until he was 50 and buy the same policy, his lowest price currently would be about $46.81, $30.62 more per month than the price at age 30 (again assuming continued good health and no major lifestyle changes; either of which could tack on a lot more).

Obviously, the longer one waits the more expensive the policy becomes. The best choice is to buy as much as you need for as long a period as possible while you’re young and healthy.

The time is ripe for buying term life insurance to protect your assets and loved ones, or for examining your old policy and making sure you still have the right amount of coverage. With rates at historic lows, there’s no better time take advantage of today’s great prices!