As we recently discussed in our piece on the disappearing 30 year term, it’s becoming more and more difficult to lock in 30 year term life insurance rates. Historically low interest rates are taking a toll on the life insurance industry. In response, Carriers are looking to reduce risk and, as a result, one of the first products to hit the chopping block is the 30 year term.
The 30 Year Term
When we consider the implications of a down economy many things come to mind: a decline in the real estate market and rising unemployment rates. But what about a decline in insurance products? Though this might not be the first thing you think of, it does in fact have the potential to impact us all. Insurance companies depend upon investments for their success. Profits are invested in the bond market, giving carriers the flexibility to take on more risk and issue more policies. When the market is down, insurance companies must assess risk more carefully. Because longer term policies are inherently higher risk products, they are the first to be removed from a Carrier’s portfolio.
Get ‘Em While You Can
If you’ve been considering a 30 year term policy, now is the time to act. Heavy hitters like Genworth, ING and AXA Equitable stopped offering 30 year terms last year, a move which many other insurance giants are expected to mirror in 2013. This is why we’re encouraging consumers to compare and lock in 30 year term life insurance rates while they’re available.
Interested in learning more about the 30 year term life insurance rates available to you? Complete our quote request form today. With no obligation to buy, we will provide a side-by-side comparison of the top rated 30 year term policies available to you. Finally, your dedicated IntelliQuote agent will be on hand to answer your questions and walk you through the entire application process.
Want more tips and guidance on selecting a 30 year term life insurance policy? Follow our blog; here we will be discussing the trending topics and current events that directly impact your family’s financial health. While you’re here, we also encourage you to read these related blog posts:
Have you ever compared 30 year term life insurance rates?