Term Insurance Rates Decreasing?

[Skippy]

According to SunLife they are and I should see them to save more money.
Since when do Insurance Companies want to save you money?
Any feedback would be appreciated.
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[SmackUTwice]

I just got life insurance... and with SunLife... he came to my house... and I got mortgage insurance on my house (that won't decrease as I pay off the mortgage), life insurance for me and for my daughter... for $2.50 more than I would have payed for JUST mortgage insurance with someone else that my mortgage broker offered me,... that went DOWN as I payed my mortgage down. SHOCKED. It's $15.08 a month. I've heard great things about SunLife... the guy that I dealt with was all for making sure I got what i needed and at the best price possible. I think it's at least worth looking into... who knows, lol!

[ashedfc]

I believe its 10 yrs Term life insurance (which renews after every 10yrs at higher premium). Its the most economical way for financial risk management. Monthly premiums are low because life expectancy has increased over time.
For a 25yr old healthy female non-smoker its as low as $9 per month for $250000 of Term 10 Life insurance.
Everyone with a debt burden (mortgage, business loan, personal loan, etc.) should consider Life insurance as a risk management strategy.
ASH

[Skippy]

I believe its 10 yrs Term life insurance (which renews after every 10yrs at higher premium). Its the most economical way for financial risk management. Monthly premiums are low because life expectancy has increased over time.
For a 25yr old healthy female non-smoker its as low as $9 per month for $250000 of Term 10 Life insurance.
Everyone with a debt burden (mortgage, business loan, personal loan, etc.) should consider Life insurance as a risk management strategy.
ASH

According to whomever has my account, rates are decreasing which makes no sense IMO.

[ashedfc]

For Term insurance shorter duration, the claims paid is negligible (very rarely people die in their 20's & 30's, so all the money insurance company collects in that age group is retained).
As per actuarial calculations, for younger age applicants prices have come down. substantially. For older persons, in-fact prices have increased.

[Skippy]

For Term insurance shorter duration, the claims paid is negligible (very rarely people die in their 20's & 30's, so all the money insurance company collects in that age group is retained).
As per actuarial calculations, for younger age applicants prices have come down. substantially. For older persons, in-fact prices have increased.

I believe I am categorized as Old (49).
That is why it doesn't make sense.

[ashedfc]

Hi Skippy,
Based on the info (49yrs), & assuming you are a female, Non-smoker & good health, the Term 10 life insurance (renewable) rates in my system shows as-
For $250000 is $22.95 / month & for $500000 is $36.90 / month.

ASH
Financial Advisor
www.edfc.ca

[Insane]

My insurance agent told us if we lost weight, we'd lower our risk and our rates would go down. He said we could get our risk recalculated if we lost weight and kept it off for 6mths.

Initially our rates were higher because my husband hadn't stopped smoking for very long. Once he'd been smoke free for 6mths they reevaluated us and our rates went down.

[Skippy]

Hi Skippy,
Based on the info (49yrs), & assuming you are a female, Non-smoker & good health, the Term 10 life insurance (renewable) rates in my system shows as-
For $250000 is $22.95 / month & for $500000 is $36.90 / month.

ASH
Financial Advisor
www.edfc.ca

I'm unable to rep.you, but thanks for the info.
P.S. I'm male, but not really a marsupial

[ashedfc]

Talk to your existing advisor.
He/she should be able to shop around for the ideal life insurance product for you.
ASH

[Skippy]

Talk to your existing advisor.
He/she should be able to shop around for the ideal life insurance product for you.
ASH

Thanks for all of your advice but as I'm uninsurable, I need to stick with what I have.

[ashedfc]

In this case, you should definately talk to your existing advisor - because there are ways to insure those who are uninsurable - for ex
1. Multi company application
2. Reinsurance route
3. High risk individual products
4. Joint coverage with an insurable family member
ETC.ETC.

[babymaeby]

As far as Insurance Companies not wanting to save you money, it's about competition. If Manulife lowers their rates, you can bet Sun and Great West will too. Rates can go down when they see improvement in mortality (less people dying than they expected.)