Good deals for life insurance consumers

Life Insurance Consumer Tips
by Duaine Owings-Plan To Win Ins Agency

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Good deals for life insurance consumers
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The American economy is in a deepening crisis. In response, the life insurance industry has begun some general belt-tightening.

One approach is to increase the price of new business. After falling for
15 years, term insurance rates are now rising, sometimes by as much as 10-15%. Another approach is to eliminate products with long-term financial guarantees, such as 30-year term insurance. Yet another approach is to tighten underwriting requirements.

But the life insurance industry is not monolithic.

There exist carriers that are financially well-positioned to weather the financial storm and even expand market share. Indeed, the experience of our own firm throughout this year indicates that many buying opportunities exist for consumers.

These strong carriers are keeping the cost of their term insurance very reasonable.  And they are not shying away from long-term price guarantees (eg, universal life products guaranteed through age 121 and term products guaranteed for 30 years).

With regard to underwriting, it has been our experience that some carriers are more willing to make lower offers on higher risk candidates. And they are ready to take a second look at candidates that they previously considered uninsurable.

More than ever, I recommend that consumers carefully shop around to identify the good deals.

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Have a question?
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As always, our toll-free line, (800) 559-8777, is open at your convenience. Please do not hesitate to call me with any questions or concerns.

With best wishes for health and success,

Duaine Owings