If you think everything costs more today than it did 5 years ago, then you haven't looked at term life insurance. Thanks to our living longer, term life premiums have plummeted!

So if you own an annual-renewable term policy or you've owned a level term policy for a number of years and still need insurance, you should price a new policy today!

But as always, I have a few warnings. Only consider companies who have an A.M. Best rating of A+ or A++ for financial strength.

Be sure the insurer is guaranteeing, not just projecting the rate you'll be charged. To help the insurer give you a realistic quote, offer your most recent blood pressure and cholesterol numbers and your weight and height.

The premium quoted could change once a medical technician analyzes your blood and urine. So be sure to ask what your premium might be if your health report comes back 1 or more grades lower than you think.

Lastly, don't cancel the old policy until the new one is in place.