Wheeling, IL (PressExposure) March 11, 2010 -- AccuQuote, a leader in providing term life insurance quotes to people across the United States, explains when to replace an existing term life insurance policy. The multi-carrier life insurance brokerage firm advises that replacing an existing term life insurance policy at appropriate times will save consumers money and increase protection benefits for their loved ones.

“Replacing an existing term life insurance policy is not always in the insured’s best interest, however sometimes not replacing it will hurt you in the long-run,” says Byron Udell, founder and CEO of AccuQuote. “For example, if your life has changed significantly since you first purchased your policy, the value and term length may no longer match up with your family’s current financial situation.”

AccuQuote suggests replacing an existing term life insurance policy during the following times:

• Major life events have occurred – Major life events usually trigger the need for more life insurance. “If something in your life has changed since you first purchased your policy, such as having a baby or buying a new home, you should consider increasing your coverage amount and term length,” says Udell. “This will ensure your loved ones are financially protected should something devastating happen.”
• Premiums are too high – “If you purchased your policy several years ago, you’re probably paying a hefty bill,” says Udell. “But currently, term life insurance rates are near record lows so it’s easy to find an affordable premium.” Comparing rates at a multi-carrier life insurance brokerage firm, like AccuQuote, is the best way to find affordable term life insurance that is personalized to fit consumers’ individual needs. Today, a healthy 40 year old man can get $500,000 of 10 year term life insurance for as lows as $20.56 per month. Rates are even lower for women.
• Savings and investments have plummeted – As a result of tough economic times, many consumers’ net worth is less than it was just one year ago because their savings, investments and home values have dramatically decreased. “Think about it, if you died today, your family would have fewer assets immediately available to meet everyday living expenses,” says Udell. “Replacing a policy that has a short term length with one that has a longer term and higher face amount will help your family get through tough economic times if you were to die prematurely.”

“If you’re not sure if you have enough life insurance or if you’re considering replacing your existing term life insurance policy with a more current one, do a life insurance needs analysis,” says Udell. “This can be done by contacting a licensed life insurance agent or by using a life insurance needs calculator. The process is quick, easy and free.”

In order to supply beneficiaries with enough life insurance protection, experts recommend having 10 to 15 times one’s annual salary in coverage.

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 term life insurance, please call 1-800-442-9899.

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