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March 16, 2009


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I think it misses an important aspect of lowering costs that is in our control - taking care of our health & lifestyle (maintain right weight & general health, no smoking, drugs, excessive alcohol etc.). I'm sure these factors influence the price significantly and ignoring them would be "penny wise and pound foolish".
In fact, payment options are a significant factor in cost - where I live, there is an option for single premium (one-time lump-sum payment) in many term plans. This brings down the cost significantly because the commissions are too low (2% instead of 35%/7.5%/5% in regular plans), lapsation probability is 0 and you get discounted rate based on time value of money. Definitely something to consider if you have cash.

I like your points.

Term rocks. Get quotes every few years......the rates have decreased even though you've gotten older!

Param lyer,

Great point. Bankrate forgot the biggest differentiator in price, health and lifestyle.

On the term rate brochure I have on my desk, the rate for the best nonsmoking class for a 40 year old male is only about 25% of the worst smoking class.

Stop using nicotine, lose some weight, get your blood pressure under control, etc. and you can save some serious money.

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