Due to what is called AG 38, now really is the best time to purchase Life Insurance. Due to the law going into effect on January 1 ( see below), rates with all carriers will be affected.
AG 38 and Life Insurance
Posted on October 30, 2012 by CEG Life
AG 38 is a popular (if not pleasant) topic amongst life insurance companies and agents right now. However, if you are not in the life insurance industry you probably don’t know what it is, and likely would think you have no interest in learning about it (after all, who, outside of insurance agents, wants to sit around and talk about life insurance?). Nevertheless, while you may not care about the particulars of what AG 38 is, you may be interested in how it could affect your family’s finances.
AG 38 stands for “Actuarial Guideline 38” and it is a new requirement that is being imposed on life insurance carriers to carry more reserves for policies that have a death benefit guarantee (referred to as a “secondary guarantee”). These changes will be fully implemented for all new sales, regardless of company, dated on or after January 1, 2013.
In short, what this means for you, the consumer, is an increase in prices (premiums) to obtain a new life insurance policy—once again, regardless of company.
Hence, if you have been thinking about getting life insurance, getting more life insurance, or replacing an old or soon to be expiring term life insurance policy, and if paying less provides any additional motivation at all to do something you already know you need to do, now really could be the best time to act. There is no cost or obligation to go through the life insurance application process. In fact, you can begin the process right now, right here on our website.