Insurers are reporting that they have increased term life rates by 5-15% since the beginning of 2009, ending a several year trend of reducing premiums.  A tighter credit market, combined with lower returns on their own investments have caused life insurance companies to increase premiums for the first time in ages.
This may actually be good news for life agents in the long term, as consumers who had previously been shopping for lower rates every few years now stay with the policy that have now.
In the short term, though, agents should be prepared for consumers to be a bit price shocked when they receive their quotes.
Consumers should continue to get quotes from multiplelife insurance agents – the best way to ensure you’re getting the lowest life insurance rates possible.
