Have You Re Financed Your Life Insurance?
You’ve refinanced your home.
Now, what about “refinancing” your life insurance?
After several years of rate cutting, the life insurance industry is starting to hike its prices, particularly on the plain-vanilla term policies most people buy. Before those price hikes really kick in now would be a good time to buy a new policy if you’re under insured, or to replace an old, expensive one.
In the last 15 years, the premiums on term policies have dropped to their lowest levels ever.
That’s partly because low interest rates made money cheap for the insurance companies, and partly because longer life expectancies improved the odds that policyholders wouldn’t die while their policies were in effect.
A $500,000 policy for a 40-year-old that cost $975 10 years ago could probably be bought today for less than half that today.
So, make your move now.
First, decide if you need insurance and, specifically, if term insurance is best for you.
You need insurance if other people depend on you to keep their lives going. That means if you are a family breadwinner, you need insurance.
If you don’t earn money, but are the family babysitter, driver, cook and chief bottle washer, you probably need insurance too…
About The Author
Mark Huber is a full time practicing certified financial planner (CFP).
Mark has distilled his 22 years of insights and experience in the financial services industry into “The UnCanadian Way” series of eBooks, audios and videos.
For the latest visit: http://HowToBeSetForLife.com
This article may be freely distributed if this resource box stays attached.
