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April 27, 2009 / Author: Tim Bain

Term Life Insurance Rates Increasing

QuickQuote Term Life Insurance Blog

The current economic downturn and tight credit markets are causing problems for most financial services companies, and life insurance companies are no exception. Most life insurance companies have seen profits fall dramatically due to market conditions. As a result, capital costs have increased, and rating agencies have downgraded many life insurers. This acidic combination has caused regulators to increase the reserve requirements of the industry as a whole.

“This perfect storm has left life insurance companies with few options, and many are choosing to raise premiums in an effort to stem losses and meet additional requirements mandated by regulators,” stated Tim Bain, President of QuickQuote Financial, an Internet-based term life insurance broker (www.quickquote.com). “None of these companies wants to become the next AIG, so they are forced to take these measures.”

QuickQuote has seen premium increases from Banner Life, American General Life, Lincoln National Life, ReliaStar Life (ING), West Coast Life and Prudential in just the first four months of 2009. These rate increases have been on average of about four percent. Many life insurance companies have also increased policy fees during this same period.

While term life insurance still offers the best value in the market for pure protection, it appears rates may continue this slow increase for the foreseeable future.

“Although the trend is currently upward, we certainly don’t expect to see the significant decreases of the past ten years or so erased entirely,” said Bain. “However, now may be a better time than ever to lock in a low rate on a term life insurance policy because we just don’t know when rates will begin to fall once again.”

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Tim Bain

Tim is a licensed life insurance agent with 22 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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Applications for life insurance on QuickQuote.com are made through QuickQuote Financial, Inc. or through its designated agent, Timothy S. Bain, only where licensed and appointed. License numbers are available here and are automatically provided where required by law. QuickQuote's National Producer Number is 1927227. Timothy S. Bain is a licensed life insurance agent in 49 states, including the District of Columbia, and his resident state of Nevada. Timothy S. Bain's Nevada license number is 45949; in California, 0D23811; in Louisiana, 274924; in Massachusetts, 1762164; in Minnesota, 20267005; in Texas, 1092088; and in Utah, 134031.
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