However if you do choose this option, once your financial situation improves, reapply for additional coverage immediately to ensure your family is adequately protected.
Wheeling, IL (PRWEB) October 28, 2008
The economy is taking a toll on everyone's pocketbook. Gas, groceries, healthcare, and just about everything else has gone up in price. Often times, that life insurance bill comes in and it's the last thing on the list to get paid, or it's not paid at all because it's just no longer affordable. AccuQuote, a leader in providing term life insurance quotes to people across the United States, provides money saving tips for owners of existing term life insurance policies that no longer fit within their shrinking budget.
"If you have a life insurance policy and you feel you can no longer afford it, before you cancel it, carefully consider ALL your options." says Byron Udell, founder and CEO of AccuQuote. "There may be ways to get your term life insurance rates down without losing the coverage you need. Keep in mind that if you were to die today without life insurance, the loss of your income would have an even greater affect on your family with the current state of the economy."
Udell recommends these tips to help reduce the economic burden and create an affordable life insurance plan that fits within a tight budget:
1. Switch to modal payments - Modal payments are an easy and quick fix. They do a good job of lessening the financial burden of an annual insurance bill and help spread the payment across a period of one year. "If you're paying annually, contact your insurance agent and ask to switch to a semi-annual, quarterly or monthly payment," says Udell.
2. Reduce the term length - In some cases, it makes sense to replace your policy with a shorter term. Generally the longer the term, the better, but in times like these, a shorter term with a lower premium is certainly better than dropping coverage altogether! "By reducing the term, you could lower your payment while keeping the same amount of death benefit protection," says Udell. "However, before canceling an existing policy, be sure you qualify for a new one and your health hasn't changed."
3. Reduce the death benefit - Choosing a lower death benefit is another way to lower your costs. "While I don't recommend this as a great solution, this too, is a whole lot better than canceling the coverage completely," says Udell. "However if you do choose this option, once your financial situation improves, reapply for additional coverage immediately to ensure your family is adequately protected."
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 answer many questions about life insurance. For additional information or to get quotes for cheap term life insurance, please call 1-888-314-4455.