The study suggests that people recognize the need for life insurance, but they don't think they can afford it
Wheeling, IL (Vocus) August 31, 2010
The need for life insurance is now more than ever. Despite the fact that most peoples’ overall financial security has been compromised since the economic downturn due to layoffs, pay cuts, falling stock and bond prices, losses in savings and investment accounts and dwindling home values, ownership of individual life insurance has hit a 50 year low, according to LIMRA’s Trends in Life Insurance Ownership study.
“We understand that these are tough times, but we also know that this is a temporary situation for most people. However, if a primary breadwinner died today the loss would be permanent for their family. That’s why we strongly believe some life insurance coverage is always better than none,” says Byron Udell, founder and CEO of AccuQuote, a leader in providing term life insurance to people across the United States.
According to the study, nearly a third of U.S. households have no life insurance coverage at all. However, half of all households feel they need more life insurance – the highest level ever.
“The study suggests that people recognize the need for life insurance, but they don’t think they can afford it,” says Udell. “The fact is – they can. Term life insurance rates are near record lows, so even families on limited budgets can fit some life insurance coverage into their overall financial plan. For instance, a healthy 35 year old male can get enough term life insurance to cover his mortgage ($250,000 in coverage for a 20 year level term) for as little as $13.50 per month with a respected, top-rated life insurance company.”
AccuQuote illustrates ways to save on life insurance during hard economic times:
•Conduct an annual life insurance policy review – Life insurance rates have fallen nearly 50 percent over the past decade. Someone who is 10 years older than when they first purchased their policy may still be able to qualify for a lower rate. Conducting a life insurance policy review and analysis is a quick and easy process.
•Pay premiums annually instead of monthly – Choosing to pay in monthly installments could cost consumers as much as 29.7 percent APR (annual percentage rate). Use AccuQuote’s APR calculator to determine the added cost of paying premiums in installments vs. paying annually.
•Buy during young and healthy years – Older people and individuals in poor health pay higher rates for life insurance. Most term life policies offer a convertibility option which allows the insured to convert their policy to a permanent one if the need should arise at a later date.
•Shop online – Buying life insurance has never been easier. Consumers can get reliable life insurance quotes online from some of the most highly respected life insurance companies in a matter of minutes.
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 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. AccuQuote.com has many handy insurance tools, including a term life insurance calculator to help consumers determine how much life insurance to buy, a glossary that explains industry terminology, a collection of articles that cover a plethora of life insurance topics blog that answers many questions about life insurance and personal finance. For additional information or to get free quotes for low cost life insurance, please call AccuQuote at 1-888-314-4455.
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