Are you paying too much for life insurance?
I wouldn’t be too off the mark if I said that today you can get a life insurance policy at the price of peanuts. Life is indeed getting cheaper and aging populations, the Internet and a number of other factors in recent years have forced down the cost of term life insurance.
However, the good news doesn’t seem to have reached a majority of Americans. There are quite a few people still holding on to more expensive policies that they bought years ago or they many not have insured themselves highly enough. According to experts, the salary that many employers offer their staff isn’t enough to leave dependents. The paradox here is that though it is cheaper than ever to complement their coverage with other policies, not enough people are doing it! Heraldnet.com reports:
Mike Kalen, executive vice president of Hartford Financial Services Group Inc.’s individual life division, attributed the decline to a number of factors, including longer life expectancies and improved technology. Insurance companies, he said, have become more efficient at collecting information and assessing potential candidates.
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