Wheeling , IL (PressExposure) January 21, 2010 -- AccuQuote, a leader in providing term life insurance quotes to people across the United States, encourages consumers to reevaluate their life insurance needs in the New Year. The multi-carrier life insurance quoting and brokerage firm provides five reasons why this is an important step in a family’s overall financial plan.

Financial experts recommend that consumers reevaluate their life insurance needs on a regular basis or when a major life event occurs, such as marriage, purchasing a new home or the birth of a child.

“The New Year is an excellent time to reevaluate your current life insurance needs, whether it’s reviewing your existing policy or considering buying one if you don’t already have coverage in force,” says Byron Udell, founder and CEO of AccuQuote. “Term insurance is a safe and affordable way to protect your family’s financial future. But unfortunately, many people don’t have enough coverage or they don’t have any at all.”

AccuQuote provides five reasons why consumers should reevaluate their life insurance needs in the New Year:

1. More coverage is needed – Financial experts recommend having 10 to 15 times one’s annual salary. However, more coverage may be needed depending on a person’s current and future financial plans. “Determining if you need more coverage is especially important if a major life event has occurred since you first purchased your policy. Alternatively, if you didn’t have life insurance before a major life event occurred like the birth of a child, you’ll want to consider purchasing a policy to be sure your family is adequately protected,” says Udell. A life insurance needs calculator can help consumers estimate how much coverage is needed based on their living expenses.
2. Term length needs to be extended – Life insurance policies can typically be purchased in term lengths of 10 to 30 years. “If your life insurance policy is nearing the end of its term, you may need to extend your coverage, especially if you have children who have not reached their college years,” says Udell.
3. Change in health – “If your health has changed and your existing term life insurance policy features convertibility privileges, you may want to consider converting your current term life policy to a permanent one,” says Udell. “Alternatively, if your health has improved since your first purchased your policy, you may be able to get a lower rate on your existing coverage.”
4. Existing coverage is too expensive – “Term life insurance rates are near record lows, so if you think you’re paying too much for your existing coverage, you might be,” says Udell. “If you own a policy that’s more than a few years old, you may want to shop and compare rates online to see if you can get a better deal. But remember; never cancel your old policy until your new one is in force.”
5. Life insurance is more important in today’s economy – “Life insurance coverage is more important today than it was a year ago because other aspects of your financial life are not what they used to be, including job security,” says Udell.

“As the New Year progresses and major life events occur, continue to regularly monitor your family’s financial plan,” says Udell. “The most important thing to keep in mind when reevaluating your life insurance needs is that having some coverage is better than having no coverage at all.”

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, and a blog which answers many questions about life insurance. For additional information or to get quotes for cheap life insurance, please call 1-800-442-9899.

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