Wheeling, IL (PressExposure) October 29, 2010 -- Life insurance may not be the first thing on a couple’s mind after tying the knot. But the fact is, marriage presents an excellent opportunity to review a couple’s personal finances and life insurance needs. However, many newlyweds make uneducated decisions when it comes to their overall financial plan; creating long-term economic mistakes. AccuQuote, a leader in providing term life insurance quotes to people across the United States, encourages newlyweds to avoid common life insurance mistakes.

Newlyweds need to be extremely cautious with their finances. Why? Because with marriage comes many financial responsibilities, such as paying off the cost of the wedding, paying for the honeymoon, buying a first home, furnishing that home and possibly even preparing to bring a child into the world. These financial obligations often create significant amounts of debt, or dip into a couple’s savings or investment accounts. Term life insurance can help offset the cost of these debts and obligations should the primary breadwinner die unexpectedly.

“Life insurance is one of the most important components of a family’s overall financial plan,” says Byron Udell, founder and CEO of AccuQuote. “Newlyweds without some type of coverage risk financial devastation should the primary breadwinner die today.”

AccuQuote encourage newlyweds to avoid these common life insurance mistakes:

• Not buying enough coverage, or too much – “Buy what you need,” says Udell. “Most experts recommend having 10 to 20 times your annual income in life insurance coverage; however your individual situation may require that you have more or less.” Buying too much life insurance can result in overpaying, whereas buying to little decreases the peace of mind that life insurance is supposed to provide. AccuQuote’s term life insurance calculator will help determine a consumer’s term life insurance needs quickly and easily.
• Depending solely on group life insurance coverage – Many employers provide what is known as group life insurance coverage. This type of coverage is commonly included in an employee’s overall benefits package. However, these plans rarely offer an adequate face amount and they usually do not carry over if the insured loses his or her job for any reason. “In today’s economic condition, depending on a group life insurance coverage is not a risk worth taking,” says Udell. “An individually underwritten term life insurance policy is an economical option for most families’ life insurance needs.”
• Failing to update beneficiaries – “If this is not your first marriage and you have existing life insurance coverage, it is important to update the beneficiaries previously named on the policy,” says Udell. “For instance, if your previous spouse was the beneficiary, you may want to change it to your current spouse – or the person who depends on you financially.” If children are involved, always make sure they will be protected financially at least through and slightly beyond their college years.

About AccuQuote

AccuQuote helps consumers find the best values in term insurance by combining instant life insurance quotes online with the personal service of unbiased, licensed life insurance professionals who will 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, universal life, long-term care, disability and selected annuities. The website has many handy life insurance tools, including a term life insurance calculator to help consumers determine their life insurance needs, a glossary that explains industry terminology, a collection of articles and press releases that cover life insurance and personal finance and a blog that provides opportunities for discussion on various insurance and financial topics. For additional information or to get free quotes for low cost life insurance, call AccuQuote at 800-442-9899.

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