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Article: Longer life span, Internet cut life insurance costs; As price drops by half in past decade, limits on coverage head higher.(Focus: Personal Finance)
- Article from:
- Crain's Chicago Business
- Article date:
- November 22, 2004
- Author:
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: CHRISTINA Le BEAU
Buying life insurance is one of those things most of us put off for another day. You know, like when we're old. But there's no better time to buy than when you're young, healthy and convinced of your own immortality.
The fact is, the younger you are, the less you pay for life insurance. A 25-year-old man in good health can buy a $500,000, 30-year term life insurance policy for about $600 a year, compared with $900 a year should he sign on at age 40, or $1,500 a year at 45.
Thanks to the Internet, which allows consumers to compare policies and prices instantly, and to increased life expectancy, the cost of life ...