From a life insurance perspective. Heck, from just about any perspective this has been one crazy year. But the sky didn’t fall and I think it’s time we put it all in perspective and move on.

Term life insurance prices have been in something of a free fall for the last 12 or 13 years. At times the fight to be at the bottom of the prices was so intense that companies would have rate changes as quickly as they could get them approved, sometimes decreasing rates in successive months. It was great for the consumer and I suspect because it opened up affordability to so many new clients, good for the companies also.

Then came 2009. In a post a year ago I talked about a shift in that trend. It started slowly, but has picked up to the point that I think it could be definitively said that the downward trend in term insurance rates has stopped. I’m still not willing to say that it’s going to be the start of a trend in the other direction as some key companies are holding on, but downward is a thing of the past. The good old days when you could buy life insurance and then buy it for less 10 years later are gone. Those who thought they were beating the system by taking the Selectquote 10 year term insurance cheap way out are going to find they should have chosen the appropriate term to start with.

The good news in all of this is that, even though the downward trend is gone and there have been some rate increases, fully guaranteed term life insurance products are still the best value out there for 95% of the life insurance needs that exist.

Bottom line. Term insurance and no lapse guarantee universal life rates are still at an all time low. It is a great time to review your portfolio, or create one.