Term life insurance premiums are likely to increase as reinsurers have revised their premiums upward. This is the premium which life insurers have to pay for re-insuring their risk.
Reinsurers increased their premium rates as the number of claims have been rising over the past year. The rise in re-insurers premium is primarily due to an increase in mortality rate during the covid-19 pandemic. Thus, with the increase in the reinsurers' premium rates, insurers may raise the premium of term life insurance policy for buyers.
