Wheeling, IL (PressExposure) September 30, 2009 -- AccuQuote, a leader in providing term life insurance quotes to people across the United States, encourages consumers to use a life insurance needs calculator to determine how much life insurance would be enough to protect their families’ financial futures when they can no longer provide financial support.

“Millions of Americans have no life insurance coverage, and most people who have life insurance coverage don’t have enough,” says Byron Udell, founder and CEO of AccuQuote. “The fact of the matter is: You need life insurance coverage because it could take years for your family to recover financially from your death, if ever.”

According to facts from LIMRA, only 61 percent of adult Americans have life insurance protection and most people who have life insurance coverage are underinsured by an average of more than $300,000.

Life insurance experts recommend consumers purchase a life insurance policy that is 10 to 15 times their annual income, as opposed to the average owned, which is only about four times a consumer’s annual income.

“Four times your annual income may seem like a lot, until you consider that the impact of your death will last much longer than three years,” says Udell. “Fortunately, there are tools available to help you evaluate your life insurance needs. By using a life insurance needs calculator, you can determine how much life insurance coverage would be enough to allow your family to continue living the lifestyle they’re used when you’re no longer around.”

When calculating your life insurance needs, consider the following details that will help you determine how much your life is worth:

• Annual income before tax
• Percentage of income needed by dependents
• Age
• Number of years benefits are needed
• Annual estimated inflation rate
• Annual estimated interest rate

“Keep in mind that your annual income is an important factor in determining your life insurance needs, but it’s not the only one. If someone depends on you financially, be sure to consider all factors. And remember, some life insurance is better than not having any protection at all,” says Udell.

About AccuQuote

AccuQuote helps consumers find the best values in term life insurance by combining instant online 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 policies, and a blog which answer many questions about life insurance. For additional information or to get quotes for cheap term life insurance, please call 1-800-442-9899.

Press Release Source: http://PressExposure.com/PR/AccuQuote.html