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Prudential Financial, Inc.
has cut premiums for two term life insurance policies. The Term Elite
and Term Essential plans were first introduced in 2000 and are being
cut an average 6 percent. The price change applies only to new
policyholders.
| Term life insurance prices have been falling since 1996. |
"Term insurance can fill
an important need for both business planning and in a family's
financial plan," says Jim Avery, president, Individual Life Insurance
at Prudential. "It offers an economical way to provide a large amount
of life insurance coverage for a limited period of time."
Term Essential offers a choice of guaranteed level
period premiums for 10, 15, 20, and 30 years. Term Elite offers a
choice of guaranteed level premium periods for 10, 15, and 20 years.
Term life insurance prices
have been falling since 1996, with industry insiders not knowing when
the downward spiral might end. "Term life is a bargain now and has been
for some time," says Jack Dolan, a spokesperson for the American
Council of Life Insurers. "But focusing on cost is wise, because if you
need coverage, you get it, because no one knows when they're going to
die."
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