Term life insurance rates change every month. The top life insurance companies closely observe each other to retain their competitive age. If one major life insurance company, such as Ohio National Life, lowers their term rates, many of the other carriers will consider matching the rate decrease.
Currently, Ohio prices are at or near their historical lows. Policies that cost $1500 per year in the 1990s now only cost between $375 and $450. These price reductions have allowed Ohio consumers to save substantial amounts of money by either replacing their current term policy with another policy from the same or applying for coverage with a different company. Also, a higher face-amount term policy could have been purchased for the same premium. The assumption, of course, is that the insured’s health had not changed.
But rates may be rising soon. Many life insurers have lost capital due to under-performing real estate investments, and are starting to raise term insurance rates. Also, some insurers are charging higher rates for particular conditions such as high blood pressure, high cholesterol or obesity. Protective Life, for example, has recently raised term insurance rates by 10%-12% on some policies. Other insurers are making it more difficult to qualify for “preferred” rates and are instead, offering “standard” rates, which can be 10%-25% higher.
Term life insurance still remains the most popular form of life insurance. If your need is for a specific period of time, this type of coverage is clearly the best option. Most major companies offer flexible plans to match your specific need.
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