As premiums go down, pick up life insurance

This has been a hot topic among reporters lately and I wanted to share this article with you to help stress the fact that life insurance is cheaper than it's ever been in history. This article, written by Sandra Block (a USA Today reporter) was posted in the Courier Post online:
The next time your party guests linger past your bedtime, ask them how they feel about life insurance. Watch that they don't trip over your cat as they sprint to the door.
Nobody wants to talk about life insurance. But if you have young children or others who depend on you, you should have it.

Millions of Americans have no life insurance, and millions more don't have enough to provide financial security for their loved ones. That's a shame, because if you're reasonably healthy, you can buy a lot of life insurance without spending a lot of money. Average premiums for individual life insurance have been falling about 5 percent a year since 2000, and they're expected to drop an additional 4 percent in 2007, according to the Insurance Information Institute.
"The rates are as low as I've ever seen," says Byron Udell, CEO of AccuQuote, an online insurance broker.

Some tips for buying life insurance:
To save money, buy term insurance. There are two types of life insurance: term and permanent. Term provides a benefit only if you die during the period covered by the policy. Permanent life insurance remains in effect as long as you pay the premiums. Part of the premium goes into an investment account. You can withdraw some of that money or borrow against your policy.

Don't rely on your employer's life insurance policy. Many companies offer life insurance as a benefit, but it's usually not enough to provide financial security for your family, Kalen says. Most workplace policies cover one to two times your annual salary. Financial planners generally recommend buying enough insurance to replace seven to 10 times your annual salary.

If you have health problems, don't assume you're uninsurable. Advances in the treatment of cancer and other diseases have led insurers to lower premiums for people once considered high-risk. In the past year, Hartford has reduced premiums for women who have been treated for early-stage breast cancer and men who have had surgery for moderate levels of prostate cancer. Prudential announced last week that it will lower premiums for people who have been successfully treated for heart disease