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Reply to "Huge jump in term life premium—is this typical?"
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[quote=Anonymous]As a naive, cautious 30-year-old I got talked into 10-year term life insurance for me and my same-age husband. His premium was $980 per year. The agent told us in writing that it would “start increasing” this year, which I took to mean some sort of gradual up-slope. Just found out the new premium is $3,600! Thankfully we have no new health conditions and are prepared to apply for new policies as 40-year-olds. But is this type of jump par for the course and common knowledge? We feel like idiots for assuming they would want to keep our business and increase it more modestly. I am sure I verbally asked “what type of increase can we expect”? ten years ago and this was never insinuated but of course nothing was promised…[/quote]
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