As time passes, the price of everything goes up from homes to gas to just about anything you can think of. One notable exception has been the cost of buying term life insurance and premiums are expected to continue to fall.
Term life insurance policies are generally the cheapest you can find on the market and they represent a very good deal for most borrowers. The last ten years or so has seen the deal get much better as premium rates have fallen like a rock. So, what could be behind this somewhat illogical drop in prices?
There are many factors that go into a life insurance premium. Obviously, the mortality rate of borrowers is the biggest. Mortality rate is an industry term referring to the average number of deaths per a population figure during a specific range of years. In English, that means the average number of people per 100,000 that, for example, might die between the ages of 25 and 50.
The mortality rate is at the heart of the decrease in premium costs for most term policies. Simply put, we are living longer and more of us are making it to old age. Why is this? Well, there are a number of reasons. First off, more of us are aware of trying to take care of ourselves although one must admit that Americans in general have a major weight problem. So what could be letting us live longer?
The answer seems to be safety and technology. Simply put, standards for both have improved dramatically across our daily lives. Most of us drive. Given the shear volume of vehicles on the road, bad accidents will happen. The use of air bags, however, has lessened the fatality rate of such accidents. The same goes for general medical care. Technology and medical research may not have found a cure for cancer yet, but it has gone a long way towards letting us live through many ailments that previously would have been terminal.
Whatever the reason for the improving mortality rates, there is even better news. The mortality rates are expected to continually improve. This, in turn, means we should continue to see the premiums on term life insurance policies drop. That can only be considered good news!
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