Why are life insurance rates lower now than for the life insurance policy I purchased ten years ago?
Term Life Insurance Rates
As in any industry, as products improve and companies become more competitive, the prices associated with those products generally tend to drop. The life insurance industry has become increasingly more competitive in the last few years, and because of this, life insurance and term life insurance companies need to continue to lower their rates to attract customers to their products.
Another reason the prices have decreased in recent years is the increase in life expectancy. Advances in the medical field have made it possible to overcome diseases that once would have killed. Cancer, for example, is one of those diseases that science is learning to conquer. Because of this, if you had cancer and are now in remission, it may be possible to get life insurance.
In general, longer life expectancies, more competition, and better products have made life insurance rates and term life insurance prices go down.
