Wheeling, IL (PressExposure) November 24, 2010 -- Life insurance is one of the most important components of a family’s overall financial plan. Without some type of life insurance protection, families risk financial disaster when a primary wage earner dies. However, there are also many other ways life insurance can protect against the loss of a loved one’s income. AccuQuote, a leader in providing term life insurance quotes to people across the Unites States, reveals unexpected ways to use life insurance in circumstances other than death.

“In its simplest and most traditional form, life insurance is income replacement, but not necessarily just in the event of death,” says Byron Udell, founder and CEO of AccuQuote. “There are many life insurance products available that offer financial help in the event of an illness, disability and other unexpected expenses.”

Following are life insurance products that can offer financial assistance during unplanned circumstances:

• Waiver of premium term life insurance – Most term life insurance policies offer an optional feature called waiver of premium. This compelling feature typically states that in the event the insured becomes totally disabled for a period of six months or longer, the life insurance company will pay his or her life insurance premiums until the disability is gone and the insured is able to go back to work. This feature is optional (available at an extra cost) and must be chosen at the time of the life insurance application. “I highly recommend opting for this feature on your term life insurance policy,” says Udell. “A disability can strike at any time. Waiver of premium only costs a few extra dollars a month for peace of mind.”
• Return of premium term life insurance – Return of premium term life insurance (ROP) is a feature that offers a guaranteed refund of all the life insurance premiums paid at the end of the term period, assuming the insured is still living. “This feature is an excellent option for individuals who have life insurance needs that will diminish over time,” says Udell.
• Accelerated death benefit – “If you're diagnosed with a terminal illness while your life insurance policy is still in force, this rider gives you the option to collect all or part of the death benefit while you're still alive,” says Udell. This feature may take away some of the financial burden of paying unprecedented medical expenses.
• Permanent life insurance – Permanent life insurance provides life insurance coverage throughout the insured's entire lifetime. The policy never ends as long as the premiums are paid. In addition, permanent life insurance provides a savings element that builds cash value. “The forced savings element attached to a permanent life insurance policy can be used to pay for medical expenses, your kids’ college tuition or any other financial obligation,” says Udell. However, permanent life insurance is much more expensive than term life insurance.

“It’s important to consider all of the options life insurance policies have to offer,” says Udell. “Choosing one of the optional features at the time of your life insurance application may ensure your family’s financial future in the event of an unexpected disaster.”

For more information on the availability and pricing of these products, contact one of AccuQuote’s licensed life insurance agents at 800-442-9899.

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, 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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