Wheeling, Ill. (Vocus/PRWEB) April 05, 2011
30 percent of Americans intend to pay down debt with their tax refund, 28 percent say they will save or invest it and 26 percent have earmarked those funds for necessities such as food or utility bills, according to Bankrate.com. AccuQuote, one the country’s largest and most respected term life insurance quoting and brokerage firms, encourages consumers to do something else with their tax refund this year: make an annual premium payment toward their life insurance coverage. The company reveals paying life insurance in one lump sum annually is cheaper than making monthly, quarterly and even semi-annual payments.
“Life insurance is more important in today’s sluggish economy than ever before. That’s why I can’t think of a better way to use part of your tax refund than making an annual payment on your life insurance,” says Byron Udell, founder and CEO of AccuQuote. “And by making an annual payment rather than paying in installments, you’ll actually end up saving money over the course of the year – another thing that’s more important than ever before.”
Financing fees may seem like an insignificant charge for convenience and flexibility, but consumers can save a bundle by avoiding fees altogether. For instance, a 30-year-old male can pay either a $500 annual premium for a $500,000, 30-year term life insurance policy or make 12 monthly payments of $45 each. Those payments add up to $540 – $40 more than the actual annual cost of having life insurance protection. That equals an APR of 17.2.
Consumers looking for smart ways to spend their 2010 tax refund can use AccuQuote’s APR calculator to determine if the cost of paying insurance premiums annually vs. incrementally is right for their family’s needs and budget. The calculator will reveal an approximate APR for any additional charges incurred by paying premiums in installments.
“If you have a lump sum of money available, you could save thousands by paying your insurance premiums just once a year,” says Udell. “However, insurance companies understand that not everybody can afford annual payments, so installment options are usually available.”
Contact AccuQuote for information on life insurance and ways to pay premiums. Call 888-314-4455.
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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