By Life Quotes, Inc. Staff

Though the cost of term life insurance has been steadily rising over the last few years, there may be a way to reap savings through the purchase of a permanent policy.

The Hartford recently announced that, thanks to a new underwriting process, the company can cut the cost of life insurance for 25 percent of new policyholders.

The company said the new process would substantially improve the company’s ability to assess both current health and mortality risk for individuals opening new policies.

The company said it believes it can save a 55-year-old male nearly $1,286 a year on a $500,000 universal life policy under the new classification of preferred risk.

The new system uses three age bands rather than two, and is designed to recognize the risk characteristics of the young and middle-aged as well as older people, the company said.

A recent report in the Danbury News Times said that it’s always a good idea for consumers to get life insurance, especially while they’re still young. Doing so can lock in low rates.

This article was originally published by Life Quotes, Inc.