Your life insurance policy shouldn't be the type of purchase you forget about
Wheeling, IL (Vocus) June 7, 2010
AccuQuote, a leader in providing term life insurance quotes to people across the United States, encourages consumers to conduct a mid-year life insurance checkup. Why? The multi-carrier life insurance quoting and brokerage firm suggests that reviewing life insurance needs mid-year will ensure families are adequately protected; as coverage should reflect all life events that have occurred since the initial purchase of a life insurance policy.
“Your life insurance policy shouldn’t be the type of purchase you forget about,” says Byron Udell, founder and CEO of AccuQuote. “The reason is simple. As life changes, so do your life insurance needs. For example, your pay goes up or down, you have more children, you buy a new house, and you get married or divorced.”
Many of these life events trigger the need for more life insurance coverage, as others may allow consumers to decrease their existing face amount.
AccuQuote encourages consumers to ask the following questions during a mid-year life insurance checkup:
- Is the policy’s face large enough, or more than enough? “Life events such as getting married, buying a house, having a baby and getting a pay raise usually trigger the need for more life insurance coverage, especially if these events occurred after your first life insurance purchase,” says Udell.
“Alternatively, if your kids have graduated from college, moved out of the house and you no longer have anyone depending on you financially, you may be able to decrease your existing coverage.”
- Is the term length long enough, or will the coverage expire before it’s done being needed? – “Similar to the face amount, you may need to extend your term length if you have young children or have taken out additional loans since first purchasing you policy,” says Udell.
- Is term life insurance in force where permanent coverage is actually necessary? – “Depending on your policy, you may have the right to convert your term coverage to permanent coverage without a medical exam or any medical questions,” says Udell. “Permanent insurance is more expensive, but it lasts forever. Unlike term insurance, which usually expires before you die, permanent insurance will be there, whether you die tomorrow or in fifty years. With permanent insurance, the issue isn’t whether someone will benefit from the money you’re spending each year, but rather when.”
- Is the cost too high? – “Over the past 15 years, rates on term life insurance have fallen dramatically. Benchmark rates are about 60 percent lower than they were back in the mid-nineties,” says Udell. “If you haven’t looked lately, there’s a good chance you’ll be able to save a lot of money by replacing your coverage with today’s more affordable term life insurance rates. In fact, by doing this, some people have saved thousands of dollars over the life of their policies.”
It makes sense to conduct a life insurance checkup about once a year. For a free life insurance checkup, contact a multi-carrier life insurance brokerage and quoting firm like 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. The website has many handy insurance tools, including a life insurance needs calculator 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 answers many questions about life insurance. For additional information or to get quotes for cheap term life insurance, please call 1-888-314-4455.