Term Life Insurance Rate Comparison: Then & Now

Do you have term life insurance? It might make sense to compare term life insurance rates: then & now.

People are living longer and term life insurance rates are getting lower.

If you can get in a more preferred category, extend your policy term, and pay about the same money, then it may be worth the effort (application & medical exam etc.) to re-apply.

You should review your term life insurance rates: then & now, every time a major change happens in your life – a marriage, birth of a child, purchase of a house, or starting a business.

Sample term life insurance comparison between “then & now:”

TERM LIFE INSURANCE RATES THEN …

Him:   Age 23 as of July, 2007

$500,000 face value, 20 year term: $245 annual   (30 year term: $370)

$1M face value, 20 year term: $425 annual     (30 year term: $665)

$2M face value, 20 year term: $785 annual   (30 year term: $1,265)
Her:   Age 22 as of July, 2007
$500,000 face value, 20 year term: $215     (30 year term: $300)

$1M face value, 20 year term: $365     (30 year term: $535)

$2M face value, 20 year term:  $665     (30 year term: $1,005)
TERM LIFE INSURANCE RATES NOW …

Him:   Age 33 as of July, 2017

$500,000 face value, 20 year term: $294 annual   (30 year term: $433)

$1M face value, 20 year term: $470 annual     (30 year term: $784)

$2M face value, 20 year term: $787 annual   (30 year term: $1,517)
Her:   Age 32 as of July, 2017
$500,000 face value, 20 year term: $237     (30 year term: $376)

$1M face value, 20 year term: $412     (30 year term: $660)

$2M face value, 20 year term:  $741     (30 year term: $1,290)
Although clearly, 10 years later/older, premiums are up. However, in comparison, not by that much. Sample clients are 10 years older and if they were to re-apply for life insurance they would gain 10 additional years compared to their existing policies.

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