Life insurance premiums have decreased significantly over the past ten years due to decreasing mortality rates, advances in technology and competitive forces. Premium rates have dropped an estimated five percent per year since 2000.
As term life insurance premiums continue to decrease, more Americans are turning to this type of life insurance to protect their families. A study by LIMRA International conducted on people who bought life insurance in 2003 showed that 72 percent of married couples and 66 percent of single parents bought term life insurance.
As more and more families purchase term life insurance, it’s important to remember to purchase coverage on both spouses, even if one spouse does not work outside of the home (See our Blog on coverage for ‘Non-Working Spouses’). Selecting an appropriate term length and coverage amount is also important for family protection.