Why are the rates lower now than for my policy I purchased 10 years ago, even though I am older?
Over the past many years, human life expectancy has been increasing in the U.S. People are living longer, and as a consequence, they are cheaper to insure.
Because life insurance rates generally are decreasing, it is a good idea to review the life insurance market every year or so. Compare the rates you are already paying against the rates that are available to you in the current market. It is often well worth purchasing a new policy and dropping your old coverage.
Having government regulation at a minimum reduces conformity among life insurance companies. Their ability to diversify makes the industry more competitive and drives down prices for customers.
Insurers' freedom furthermore allows them to specialize so that different life insurance companies can provide insurance especially cheaply to certain demographics. For instance, one insurer may offer the cheapest life insurance rates for smokers. Another may offer great life insurance rates for seniors. Another may offer the best life insurance rates for cancer survivors.
When you're ready to review your existing coverage, let us know, and we'll find the cheapest coverage that the market can provide you (and just like the first time you bought life insurance, there's no fee for our services). At Wholesale Insurance, we pride ourselves on our underwriting expertise, which enables us to locate the most affordable life insurance rates for people with extenuating circumstances or conditions.
