The cost of life insurance, specifically term life insurance, has been at historic lows for the past several years. I believe that anyone who has secured term insurance, especially with terms of 20 and 30 years, has gotten a real bargain. Insurance companies have been jockeying around for competitive position and the consumer has been the real winner.
We have seen several companies increasing their premiums and/or removing longer term periods (30 years) from their product lines. Others have removed popular products such as Return of Premium Term life insurance. We’re even seeing some tightening of the permanent life insurance market, with many carriers raising their premiums.
If you need life insurance, I truly recommend that you purchase it soon, as we expect the market to tighten some more, resulting in even higher premiums. We’re not getting a lot of advance notice about increases, either. Your may have received a quote and submitted your application, but the insurance companies are giving very little grace period to the increases.
If you have a group policy at a job that will be phased out soon, look into replacing the group policy as soon as possible. It will probably save you some money in the long run.