Wheeling , IL (PressExposure) May 19, 2010 -- AccuQuote, a leader in providing term life insurance quotes to people across the United States, encourages consumers to spring clean their life insurance policy .
Cupboards, carpets and closets are not the only things that need an annual spring cleaning. In fact, all aspects of a consumer's life need a good dusting, including their life insurance policy. All too often, consumers purchase life insurance coverage, file it away and forget about it. This becomes problematic when a major life event has triggered the need for more life insurance protection, but the policy is out of site and out of mind, potentially leaving a family inadequately protected.
"Life insurance is one of the most important purchases you will ever make, and in fact, it's more important than ever," says Byron Udell, founder and CEO of AccuQuote. "Too many people buy it and forget about. The fact is, your life insurance needs can change in the blink of an eye. For example, if you recently bought a new home, got married or had a baby, you probably need more life insurance coverage. That's why you should dust off your policy, put it somewhere where you won't forget about it and review your needs annually."
AccuQuote provides the following reasons why a consumer's life insurance policy needs spring cleaning too:
- Major life event has occurred - Life events, such as getting married, purchasing a new home and having a baby dramatically increase the need for more life insurance coverage. Alternatively, life events such as getting divorced or paying off a mortgage can reduce the need for life insurance. "If something has changed in your life since you first purchased your life insurance policy, it's important to determine if your current coverage is enough, or more than enough," says Udell. "An adequate coverage amount and term length can make all the difference when it comes to your family's financial future."
- Paying too much - "When was the last time you looked at your policy? If it's been a while, you may be able to get a lower rate by re-applying with a different life insurance company," says Udell. Currently, term life insurance rates are near record lows, so consumers who bought a policy several years ago may be paying more than necessary. The current economic climate has tightened many consumers' wallets, making ways to save top of mind. "Just remember, never cancel an existing policy until the new one is paid for and in force," says Udell.
- Time for a conversion - "It may be a good time to convert your existing term life insurance policy to a permanent one," says Udell. Most consumers outlive their term life insurance policy because it only protects them for a certain number of years. However, permanent life insurance lasts a lifetime. "If you are nearing the end of your term and are within the age limit for term conversion, consider taking advantage of this opportunity right away," says Udell. "The process is easy, there is no medical exam required and the death benefit is guaranteed. A licensed life insurance agent, like the ones at AccuQuote, will answer any questions you may have about converting your term life insurance policy to a permanent one."