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Jan 5, 2006 9:35 am US/Central
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Refinance Life Insurance To Save Money Monthly
by Jim Williams
(CBS)
If a cash crunch has you in a tizzy month after month, you might want to think about refinancing to lower your bills. But we're not talking about your mortgage.
CBS 2's Jim Williams reports that while mortgage rates are rising, there something else you might want to refinance to save you money at the bank.
Byron Turnoff wants to make sure his family is taken care of if something happens to him, so he has a term life insurance policy.
"It was a comforting thought to know you took care of your family's well being," he said.
Byron's costs him about $1,000 a year. But he might be able to get that peace of mind for less. Experts say life insurance rates are dropping, and the trend is expected to continue in 2006.
"My forecast is rates will go down by about three percent," said Steve Weisbart with the Insurance Information Institute.
Insurance expert Steve Weisbart says people don't realize that they can refinance life insurance just like they can refinance their mortgage.
"You might well pay less money now for the new policy than for the old one. Or, you might be able to buy more life insurance for the same amount of money," Weisbart said.
Byron says it's a no brainer. He'll take a look to see if he can rest easy for less.
"It's not a big investment of time to look. I would definitely take a look if the rates are dropping," Byron said.
To find out what insurance rates are, either ask your insurance agent or visit one of several Web sites that monitor rates and give you quotes.
(© MMVI, CBS Broadcasting, Inc. All Rights Reserved.)