Just when you thought I was through yelling, Prudential just announced today that their least expensive term insurance product, simply the best deal going in the $1,000,000 and up amounts will have a rate increase effective May 1.

You know that stomach crunching feeling you get at the bottom of a steep drop on a roller coaster? That is the feeling people are going to have when they wait a couple of months to buy a term policy and find out that the prices hit bottom when they weren’t paying attention and headed back up.

Now, don’t get me wrong. Term insurance was a good deal 10 years ago before rates started falling and the increases we are seeing so far won’t set us back 10 years. But, take as an example a Prudential policy a client put in force today at $2310.00 annually. It is a 30 year term. Prudential’s stated price increase is 4% which would raise the cost of the policy by $92 a year, a little over $2700 over the 30 year life of the policy.

I don’t know about you but I hate it when I let good deals walk right by and out of my life. And I really hate it when I blow $2700 for no reason at all. That’s why I added to my term portfolio last month, taking the advice I’ve been screaming at the top of my lungs since the first of the year.

Bottom line. I’m not saying to go out and buy life insurance you don’t need, but I am saying that if you are considering a purchase, get off you rear and do it now. If you have insurance in force and want to replace it at the lowest rates in history, do it now.