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Now is the time to invest in life insurance policiesPosted On Thu, August 6, 2009
Now may be a good time to invest in a life insurance policies, amid some signs that premiums are on the verge of heading upward.
Writing in a Chicago Sun Times column, Terry Savage observes that there is growing uncertainty about whether Congress will allow the federal estate tax to expire in 2010. This is significant because wealthier families will often rely on a life insurance policy payout to cover estate taxes. With that in mind, prices have shown signs of creeping up recently with more upper-income Americans considering policies.
The column also notes that other retirees who aren't necessarily wealthy are more interested in life insurance these days because of the damage their retirement portfolios suffered during last year's stock market meltdown.
"Many of the most competitive term insurance companies have already raised premiums 10 percent to 15 percent - and more are expected to follow," warns Savage.
In general, families are advised to carry life insurance coverage equivalent to five to seven years of their annual income, especially if they have children.
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