While it is not an area of insurance that people expect that savings are possible there is potential that life insurance premiums can be saved. The can occur because of recent changes in mortality experience and the fact that life insurance carriers can use their own experience insuring healthier people to offer preferred rates.
Considering the competitive marketplace now may be a good time to look at life insurance premiums in order to increase coverage or extend the term for the same price.
Why did this happen? The main reason is the fact that we are all living longer. As life expectancy increases the cost of life insurance goes down. At the turn of the century mortality tables were updated from the 1980 tables and since the data showed an increase in life expectancy life companies updated their premium charges.
The other reason is the fact that most life carriers have created competitive rating bands that reward people if they are in excellent health. Now there are many preferred rating categories in the past people had two options, smoker or non-smoker.
The Haas Agency can help you look at this area of your finances, life insurance premium savings can reap some rewards.