Consumers have seen premiums for term life insurance fall for the last decade or more, fueled by longer life expectancies and, according to the Insurance Information Institute, decreasing death rates in the 25-to-44 age group. While term rates will fall, the III says rates for traditional whole, universal and variable universal life will remain at 2007 levels.

The Institute says the premium trend poses an opportunity for advisors, even those working with seniors. Many grandparents take partial or exclusive care of grandchildren in the United States, a natural fit for term insurance that takes care of grandchildren if grandparents pass away.