2010 was a much improved year for America’s insurance industry after suffering through 2009, which was a terrible year. During the last few years, write offs in the insurance industry occurred in record amounts. Overall this helped to push insurance rates down. Tough competition and company consolidations were also prevalent, which helps reduce rates as well across the board in order to attract and keep customers. It appears at this point that the worst is behind us. Over the next several years consumers can expect to see life insurance rates rise along with other costs.
Unfortunately during tough economic times life insurance is considered a luxury that many people will go without. With the economy stabilizing in recent times, many people have renewed their life insurance. This corresponds with life insurance rates rising over the next several years.Read More