AccuQuote Offers Consumer Tips for Reviewing a Term Life Insurance Policy
AccuQuote. com, a leading provider of term life insurance quotes to people across the United States, offers three key tips to consumers when reviewing a term life insurance policy.
Wheeling, IL (PRWEB) May 28, 2009
AccuQuote, a leader in providing term life insurance (http://www. accuquote. com) quotes to people across the United States, recommends consumers to conduct a review of their existing every few years or when a major life event occurs and offers several tips to help determine if their coverage is still appropriate for their situation.
"Once you have purchased term life insurance or even a permanent policy, it's tempting to file your policy away and forget about it," says Byron Udell founder and CEO of AccuQuote. "But it's important for you to review your life insurance policy on a regular basis - especially as the circumstances of your life change. And, because term life insurance rates have come down so much it might make sense to ditch your old, expensive policy and take out a new one."
AccuQuote offers the following tips to consumers when reviewing their current term life insurance coverage:
Make sure length of life insurance policies (http://www. accuquote. com/life-insurance-company-policies. cfm) policy covers current needs - When reviewing your policy, make sure the benefit covers your current needs. Changes -- such as a birth, divorce, remarriage or even a new mortgage or job -- are indicators that you might need to make changes to your life insurance policy.
Make sure low cost life insurance (http://www. accuquote. com/low-cost-life-insurance. cfm) death benefit is adequate - In the case of a new marriage, the birth of a child, new home, or a new job, you might want to increase your death benefit. If your net worth has fallen in the past year due to your investments or your home equity shrinking, you may need to increase your coverage to offset the fact that your other assets are not as significant as they once were.
Compare term life insurance quotes online - Let's say that 10 years ago a healthy 30-year-old guy bought a 20-year level term insurance policy with a $500,000 death benefit. This policy has an annual premium of $455 a year. But if the same fellow, now 40 and still in good health, wanted to save a bundle, he could take out a new 10-year, $500,000 level term policy and pay just $215 a year. Or, if he decides to extend the duration of his insurance, he could add an extra 10 years to his current coverage. So instead of taking out a new 10-year policy, he would go for a new 20-year policy. The cost: $355 a year.
Alternatively, your life changes might allow you to lower your term life insurance coverage and premiums. The mortgage might be paid, you might have retired or your children might have completed college. At this stage of life, your life insurance company might be able to offer "conversion privileges" from your current term life insurance policy to a new permanent insurance policy with level premiums for the rest of your life. Ask your insurance agent or company about these options.
About AccuQuote
AccuQuote helps consumers find the best values in term life insurance by combining instant online life insurance quotes (http://www. accuquote. com/free-life-insurance-quote. cfm) with the personal service of unbiased life insurance professionals that can help answer questions, identify important issues, and make meaningful recommendations. The company offers consumers an extensive selection of life insurance options, including term life, whole life, and universal life, as well as selected annuities. The website has many handy insurance tools, including a life insurance needs calculator (http://www. accuquote. com/term-life-insurance-calculator. cfm) to help you figure out how much to buy, a glossary that explains industry terminology, a collection of articles that cover the basics about life insurance, and a blog which answer many questions about life insurance. For additional information or to get quotes for cheap term life insurance (http://www. accuquote. com/cheap-term-life-insurance. cfm), please call 1-888-314-4455.
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