Quote:
Originally Posted by disneysteve
Two reasons:
1. Term rates have been steadily falling over the past 10 or so years so it made financial sense to replace an older policy to get a lower premium.
2. As you get older, your need for life insurance gradually diminishes so when I replaced my existing policy, I also reduced the coverage amount, which helped the premium as well.
|
To add, it is a way to extend your insurance period without waiting until your current policy has expired. For a few dollars more, you can add many more years, in some cases.