The CEO of a leading insurance Web site maintains there is a price war going on over term life insurance premiums and is urging consumers to buy now. Others in the industry are, to say the least, unconvinced.
Robert Bland, CEO of www.Quotesmith.com Inc., Darien, Ill., says his companys survey of life insurers shows term policy rates are at an all-time low, and he believes they are likely to go lower.
“Its important to focus on the fact that the price cutting weve seen this year can add up to a substantial savings over the 10- to 30-year span of a typical level premium term life policy period,” says Bland.
Other experts contend, however, that term life premiums have bottomed out and, if anything, may have started to trend up.
Byron Udell, president and CEO, Accuquote, Wheeling, Ill., frankly describes Blands claim about a price war as “complete, total hogwash.
“He is either intentionally trying to mislead the press or is misinformed,” Udell charges.
He says that while rates are still low, companies such as Empire General, West Coast Life, American General and Transamerica recently have either raised rates or tightened underwriting guidelines.