Is it true that term life insurance rates will be decreasing in 2008?

Will it happen right away or gradually throughout the year if so? I was ready to buy our policies a couple of weeks ago until I saw a large article published about the probability of this happening...Is it true that term life insurance rates will be decreasing in 2008?
It depends.





As new actuarial tables are developed, new mortality and expense calculations are developed. If an insurance company creates a new insurance policy that incorporates these new (lower) mortality expenses, then the premiums of the new product will be lower.





But let鈥檚 say an insurance company wants to create such a policy on January 1, 2008 and that company is going to do business in all fifty states. The insurance company will have to get the product approved by fifty different state department of insurance. This process may take more than a year.





Here is the bottom line: if you need [term] insurance to protect your family, buy it today. Then keep your eye out for a policy to replace it at a later date. Don鈥檛 use the possibility of a lower rate, at some possible day in the future as an excuse to delay getting protection for your family.Is it true that term life insurance rates will be decreasing in 2008?
The rates for term life insurance may decrease in the coming year.





Each year life insurance companies review their loss experience and determine what rates they can afford to charge for life insurance and still make a profit.





Over the last several years term life insurance rates have continued to decline; however, the lower rates benefit you in absolutely no way, unless you go ahead and buy your term life insurance policies.





For people ages 1-44 accidental deaths are the leading cause of death. And, you never know when an accident may occur, let alone disease strike. So do yourself and your family a favor and buy your policies.





Term life insurance has decreased and will continue to do so for the following reasons:





1. People are living longer.


2. Life insurance companies need to be more competitive to get your business.


3. The internet has made rate quotes easier so now everyone can find the lowest rates available.





Combining these three factors results in lower rates than ever before.





But, that is no reason to put off your purchase, because rates may continue to decline. You can always and should compare rates in 2-3 years and see if you can get even better rates than you already have on your existing policy.





Also, compare rates from a quality service that has been around and has a large network of carriers to offer you the best rates.





Efinancial has been online since 2001 offering free quotes from their network of over 70 leading life insurance companies. You just fill out one form and get up to 12 Instant Quotes from top-rated carriers with no obligation. To request your free quotes, visit https://www.efinancial.com/smartquoteefc鈥?/a>





I hope that helps! Best of luck to you and your family.





Happy New Year!
no
Get your term insurance now. I work with many carriers, every 6 months one of them lower their rates. The rates only drop about $ .50- $1 a month.
They may go down, but why wait? According to an annual survey by Insure.com, term life insurance rates are at historic lows right now (see link below). If rates go down, they will decline by only a few dollars a year at most. Even multiplied by 20 or 30 years, it鈥檚 not that much money. You are already enjoying low rates; I would take advantage of them. If you wait until later in the year, won鈥檛 you wonder about them going down again next year? In all probability they will go down in 2009, too, since people are living longer in general, and the gender gap and race gap in longevity are both becoming narrower. Also, competition is keeping prices low.