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Paying too much

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Paying too much for Term life insurance

Let's look at how to answer this question

It's a pretty straight forward question...are you paying too much for your existing life insurance?  The answer is maybe and you can quickly find out by using our instant term life insurance quote engine but there are a few considerations to look at.  Let's see what's involved in answering the question, "Are you paying too much?"

Comparing your current whole life policy

If you have a current whole life policy, you are likely paying quite a lot.  Whole life can be 10 times what term costs for an equivalent amount of life insurance...especially if it's an older policy.  Our theory is simple...take the 90% difference in cost and either invest, buy more term life insurance, or ideally...a combination of both.  Check with your whole life policy to see if you can pay premium with cash value (your cash in the form of extra premium by the way) interest/investment gain to free up money for the less expensive term premium.  We would be happy to analyze your situation and help you determine if you are paying too much.

Older term life insurance policies

The drop in term life costs has been amazing.  We're not saying this as some kind of sales hype.  It really has fallen significantly and quickly.  The term life market is just extremely competitive and this type of coverage really has become a commodity.  Another contributing factor is life expectancy.  If you think of the many health conditions and diseases that were once death sentences just 1-2 decades ago...it's obvious that the risk has changed from one of mortality (life insurance) to one of morbidity (health insurance).  Have you noticed the direction of health insurance premiums over the past 10 years?  There's no downside to comparing the rates for your older policy through instant quoting engine with what's currently on the market.

Original health class

You may be paying more due to an original (and riskier) health class designation.  This could be due to health issues at the time of enrollment and/or the fact that a particular carrier was more strict at that time for your given situation.  Along with a reduction in premium, over the last few decades, there's been a general loosening and adjustment in term life insurance underwriting eligibility requirements.  It definitely makes sense to run a quick term life insurance quote to see if you can take advantage of these two trends.

Make sure to never cancel existing life insurance coverage you until you received written confirmation of approval from the carrier with satisfactory rates and terms.  It's best to discuss your situation with a licensed professional life insurance broker like us.








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DISCLAIMER   -   Information provided on this page is intended as a general overview.  Your situation regarding life insurance may be different and we strongly          
 recommend speaking with a license life insurance agent.  This information is solely the opinion of etermlifeinsurancequote.com and may not be suitable for you.