Dollars and Sense: Review Life Insurance in Light of Falling Rates, Increased Competition

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It's a buyer's market for term life insurance. Increased competition courtesy of internet sales and longer, healthier life spans have combined to slice the average cost of term life coverage by 50 percent or more during the past 10 years, said Steve Weisbart, economist with the Insurance Information Institute. A healthy 45- year-old male can buy a 10-year, $500,000 policy for just $340 a year, less than what you'd spend a year buying coffee on the way to work. A healthy woman the same age can buy that policy for $295.

That makes now the perfect time to review your insurance coverage, Weisbart said. If your term life policy is more than 5 years old, you could save hundreds of dollars a year by replacing it with one carrying a lower premium. Or you could buy more insurance for the price you're paying now.

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Dollars and Sense: Review Life Insurance in Light of Falling Rates, Increased Competition

"Our studies show average American adults carry insurance covering only two to three times their annual income," says Brian Ashe, a director and past president of the Life an...

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