Expert Reveals Five Reasons to Review Life Insurance Needs in 2011
AccuQuote, one of the largest independent life insurance quoting and brokerage firms, reveals five reasons to reevaluate life insurance needs in the New Year. The leader in providing term life insurance quotes to people across the United States suggests making a New Year’s resolution that acknowledges life insurance as an integral part of an overall financial plan.
Wheeling, Ill. (Vocus/PRWEB) January 18, 2011
AccuQuote, one of the largest independent life insurance quoting and brokerage firms, reveals five reasons to reevaluate life insurance needs in the New Year. The leader in providing term life insurance quotes to people across the United States suggests making a New Year’s resolution that acknowledges life insurance as an integral part of an overall financial plan.
Consumers should reevaluate their family’s life insurance needs annually or when a major life event indicates the need for more, or less, life insurance coverage, according to experts. Such events include, getting married, having children, buying a new home, getting a job promotion, paying off outstanding debts, accumulating more debts or retiring.
“All too often, we get caught up in the daily hustle and bustle of our lives and forget to check important financial matters, like our life insurance coverage,” says Byron Udell, founder and CEO of AccuQuote. “That’s why there’s no better time to review your life insurance needs than the New Year. Whether it’s obtaining more coverage to protect a growing family or you’re buying a policy for the first time, make your New Year’s resolution a promise to protect your family financially should the unthinkable happen.”
AccuQuote reveals five reasons to reevaluate life insurance needs in the New Year:
1. Life events require more coverage, or less – Life insurance experts suggest having 10 to 20 times one’s annual salary in life insurance coverage. However, true coverage needs are indicative of number of children, amount of debts and other expenses, current and future financial goals, etc. Use AccuQuote’s term life insurance calculator to determine accurate life insurance needs.
2. Policy length needs to be extended – Life insurance policies are typically sold in terms of 10 to 30 years. “The younger you are, the longer your term should be and vice versa,” says Udell. “If you find yourself with only a few years left on your policy, you probably need to extend your coverage, especially if your children or elderly parents still depend on you financially.”
3. Health has changed for the better, or worse – Heath is the primary factor that affects one’s life insurance rate. “If your health has declined since you first purchased your policy, it would be wise to exercise your policy’s conversion option. Converting your term life insurance into permanent coverage guarantees coverage for life, regardless of changes in health, even conditions that would otherwise make you ‘uninsurable’, says Udell. “On the other hand, if your health has improved, you may be able to reapply for a lower rate.”
4. Current policy is too expensive – Having trouble meeting your monthly or annual premium? Currently, term life insurance rates are near historic lows and still dropping. “If you can’t afford your current premium, check out a multi-carrier life insurance quoting and brokerage firm, like AccuQuote, to shop for the lowest rates,” says Udell. “But remember; never cancel an existing policy until a new one is paid for and in force.”
5. Life insurance is more important than ever before – “In today’s economy, life insurance is one of best and most affordable ways to protect your family financially because other aspects of your financial life may not be what they were just one year ago,” says Udell.
About AccuQuote
AccuQuote helps consumers find the best values in term life insurance by combining instant online life insurance quotes with the personal service of unbiased life insurance professionals who answer questions, identify important issues and make meaningful recommendations. The company offers consumers an extensive selection of life insurance products, including term life, whole life, universal life, accidental death, long-term care, disability and selected annuities. AccuQuote. com has many handy insurance tools, including a term life insurance calculator to help consumers determine their life insurance needs, a glossary of industry terminology, a collection of articles and press releases that cover many life insurance topics and a blog that provides opportunities for discussion on life insurance and personal finance. For additional information or to get free quotes for low cost life insurance, please call AccuQuote at 888-314-4455.
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