“Life insurance at an all-time low! Your best bet is the Internet, where you can search for and compare policies.”

“Life insurance at an all-time low! Your best bet is the Internet, where you can search for and compare policies.” – J. Chatzky

Written on September 23, 2010 – 4:38 am | by Brayden Sani

Jean Chatzky, the award-winning journalist, author and financial editor for NBC’s “Today” has some timely advice for consumers: “If you’ve been putting off purchasing a term life policy, now’s the time to buy!”

Chatzky’s reporting found that in 1994, the lowest rate in the country for a 40-year-old male who wanted a $500,000, 20-year-level term policy was about $995 a year. Today, that same 40-year-old, in perfect health, could buy the same policy for well under $400 a year. A dramatic difference!

Experts surmise that the market has settled and that premiums are more likely to rise at this point then they are to continue to fall, particularly if interest rates stay low.

When the question is where to buy, Chatzky has a definite opinion there too! “Your best bet is the Internet, where you can search for and compare policies,” says Jean.

Should you buy a 10, 20 or 30 year policy? Chatzky writes, “If your kids are teenagers, and you just want coverage until they graduate, you’re probably fine with 10 years. If they’re younger, or your spouse is dependent on your income as well, you want a 20- or even 30-year policy. If you truly want coverage until you die — and not just in case of an early or sudden death — then you probably want a permanent policy. But keep in mind that the premiums can be more expensive.

The right time? Right now. The right place? Let Efinancial’s Life Insurance Rate Finder generate a free term life insurance rate quote for your family.

Easy Click Insurance