Wheeling, IL (PressExposure) January 06, 2011 -- It takes an average of 4 to 6 weeks to fully underwrite a traditional life insurance policy. What does this mean to consumers seeking immediate financial protection for their loved ones? If a consumer does not have existing coverage or they do not opt to bind the new coverage they are applying for, the ‘to be’ insured risks burdening their family with financial devastation should death occur during underwriting. To prevent financial loss on top of the loss of a loved one, which can severely compound grief, AccuQuote, a leader in providing term life insurance to people across the United States, encourages consumers applying for life insurance to bind coverage.

What does it mean to bind life insurance coverage? It simply means to opt for temporary life insurance while the application undergoes underwriting. Most life insurance carriers offer, and encourage, this option. The consumer applying for coverage, whether the life insurance company they are applying with deems them insurable or too risky to insure, will have a policy in force should they die during the 4 to 6 weeks it take to come to a final underwriting decision.

“My advice is, if temporary coverage is available, take it!” says Byron Udell, founder and CEO of AccuQuote. “Why? Because if something happens to you during the underwriting process, your family will be protected financially. After all, the reason you’re applying for life insurance in the first place is to protect your family’s financial future, right? Let the carrier be at risk if something happens to you while they’re evaluating your application, not you.”

There is absolutely no risk to consumers who choose to bind their coverage, even if their applications are denied or deferred for any reason. When the carrier comes to a final underwriting decision and the policy is delivered, the consumer has the right to say they are no longer interested and still receive a 100 percent refund of the temporary life insurance cost, no questions asked.

“If you don’t choose temporary insurance, you won’t have any coverage until after final approval, and depending on your individual circumstances, it can take longer than average to receive an approval, or denial,” says Udell. “Since there’s no risk to you, my position has always been, why not put the life insurance company on the hook during the underwriting process?”

How to request temporary life insurance through AccuQuote The applicant must sign and complete the Temporary Insurance Application Agreement (TIAA), as well as the completed and signed Electronic Fund Transfer Authorization (EFT). Once the request is made, the applicant is covered and their family is protected.

“We have helped hundreds of thousands of people secure life insurance to protect their loved ones. And, unfortunately, some people have actually died during the underwriting process,” says Udell. “For that reason, and because we’re in the business of protecting people’s loved ones, we do everything we can to make sure our customers understand the importance of binding coverage.”

About AccuQuote

About AccuQuote
AccuQuote helps consumers find the best values in term life insurance by combining instant life insurance quotes online 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 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 term life insurance, please call AccuQuote at 800-442-9899.

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