The Flip Side of Higher Healthcare Costs - Lower Life Insurance Premiums
SAN DIEGO, CA, May 23, 2007 – The dark clouds of rising healthcare costs have a silver lining. As we spend more on healthcare, we live longer. This greater life expectancy is lowering life insurance premiums for both term life and “permanent” insurance, according to the Insurance Information Institute.
“Longer life expectancies are creating less risk for insurers and that allows the premiums for life insurance to drop.” says Dave Lindsey, President of David Lindsey Agency, “Premiums have been dropping for the last decade, providing the Insured with the unique opportunity to replace their existing policies at market prices. This often results in extending terms or increasing face amounts for the same premiums as they are paying now.”
Rate reductions for the best risks have dropped to half of what they were ten years ago, according to the Insurance Information Institute. Reasons for the drop include decreased mortality rates as well as increased competition by insurance carriers.
“Longer lifespan doesn’t mean life insurance is now unnecessary.” warns Lindsey. “Just the opposite is true. With longer life expectancy there is greater opportunity for unforeseen events to happen. It’s important to remember that insurance looks at risk over the entire population. Unforeseen events happen to individuals.”
“People never think bad things can happen to them”, says Lindsey “but life is sometimes cruel. Preparation is the best assurance your loved ones are not adversely impacted due to something unforeseen.”
That impact can have severe consequences, according to the Insurance Information Institute. 1 in 5 two-earner families would suffer a 40% or greater reduction in living standard if one of the earners died. A further 1 in 5 would suffer a 20% to 40% reduction in living standard.
“Have your insurance reviewed by a competent insurance professional on a regular basis.” advises Lindsey.
About David Lindsey Agency: David Lindsey Agency specializes in collaborating and consulting on quality Health, Dental, Life and Disability Insurance programs for individuals/families and small business owners. The company focuses on matching the right insurance to the needs of their clients and managing those dollars invested in coverage, to the benefit of their clients. For additional information please visit the website http://davidlindseyinsurance.com.
(858) 254-7237 Cell