Recession and Unemployment Rate Indicate Reason to Increase Permanent or Term Life Insurance Coverage

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AccuQuote.com, a leading provider of term life insurance quotes to people across the United States, explains why the change in the economic state should give consumers a reason to purchase or increase existing life insurance coverage.

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Today, very few people can guarantee job security. If you have life insurance coverage through work, keep in mind that it will end when you quit, retire or lose your job

AccuQuote, a leader in providing term life insurance quotes to people across the United States, says the recession and rising unemployment rate should signal consumers to purchase or increase existing life insurance coverage. The company says as economic conditions change, so does the need for life insurance to protect ones family and financial plans.

"Today, very few people can guarantee job security. If you have life insurance coverage through work, keep in mind that it will end when you quit, retire or lose your job," says Byron Udell, founder and CEO of AccuQuote. "Purchasing an individual term life insurance policy will provide your family with the cushion they need to survive financially - if you were to die today."

Udell lists the following reasons why it's important to secure a term life insurance policy during these bad economic times:

  • Rise in Unemployment - The unemployment rate is the highest it has been in years. Keep in mind that group life insurance coverage benefits are not portable, which means if you lose your job, you lose your benefits.
  • Cuts in Benefits - Employee benefits are being cut as a way for companies to save money. If your employer is pulling back on pension benefits, your spouse may not receive as big of a death benefit as you anticipated a few years ago. An individual life insurance policy can make sure that your spouse is adequately protected.
  • Decreasing Assets - For many people, the biggest asset they own is the equity in their home but the housing market has taken a big hit over the past few years. Further, 401k and other investments have also seen precipitous drops in value. Families that were counting on savings or home equity to protect their family need extra life insurance to fill in the gaps.

"Shopping for term life insurance is easy online," says Udell. "Many online companies, such as multi-carrier brokerage firms, have the resources to compare term life insurance rates with multiple top-rated life insurance companies. Using such a firm, like AccuQuote.com, it is easy to find affordable term life insurance rates to ensure that your family will be taken care of if something devastating were to happen. And remember, some coverage is always better than none at all," says Udell.

Udell also suggests that consumers needing term life insurance coverage should consult an experienced life insurance professional. These professionals can help consumers determine what type and how much life insurance to buy.

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. 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.

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Denise Mancini
AccuQuote
800-442-9899 ext. 258
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