Oh really. Dropped by how much? Is there a way to “refi” a term policy without having to do the hassle of a medical all over again (and risk a lower rating)?
I bought it at age 29. 5 years later/older, same insurer, same coverage, 20yr level is <5% more than my current premiums - another similarly rated insurer has the same for a dollar or two less than my current premium. A 15yr policy (ie covering the same remaining years as my current policy) from another similarly rated insurer is almost 30% cheaper.
There's no way to 'refi' without the medical, but you can apply for the new policy, go through full underwriting, and only take the new policy/cancel the old policy if you get the same health rating.
Yearly Renewable Term?
I would think it’s a group-type of policy that costs less per person.
Yes.
Group does reduce some costs, but there is no underwriting - they have to price everyone as the same risk class, and likely assume significant anti-selection risk. It's very unlikely that it's as cheap (actuarially speaking) as it seems. The fact that you're only paying for say age 30, versus ages 30-50 levelized, is more likely the culprit. It's also possible that it's subsidized - though I find that unlikely if they're already giving away 2x salary coverage right off the bat.