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(ARA) – If you have been thinking about getting term life insurance, now’s a great time to start shopping because life insurance rates are declining rapidly.
According to the Insurance Information Institute’s forecast the cost of term life insurance policies will drop by an estimated four percent in 2007. Term life insurance rates are dropping largely as a result of increased competition among insurance companies.
“A lot of people who don’t have life insurance policies say they’ve avoided getting one because they think it’s too expensive, but with rates on the decline, now is a great time to start looking into it,” says Byron Udell, founder and CEO of AccuQuote, a Web-based company that combines instant online quotes with the personal service of unbiased life insurance professionals.
According to AccuQuote, the annual premium for a 40-year-old male in good health buying a $500,000, 20-year term level term life insurance policy would be $355. Rates for women would be lower. Click here to see what kinds of rates the company can find for you.
If you have dependent children, a spouse or anyone else who would suffer financially if you die, then you need life insurance. The question is how much insurance do you need? Udell says a good rule of thumb to follow is to take out a policy that would provide your family with at least five to ten times your annual salary; though depending on their level of expenses, some families may need more and some may need less. AccuQuote’s Web site has a “Needs Calculator” that can be used to determine the proper amount.
If you currently own a life insurance policy, Udell suggests reviewing your policy every 2 to 3 years. He says, “Life insurance needs change as we get older. If you have another child, buy a new house or even get a promotion, you should reconsider the amount of coverage you currently have and ask yourself, ‘Will this be enough for my family to maintain their current lifestyle?’” In addition, rates for term life insurance have dropped 60 percent in the last 10 years so you may be able to save a boat load of money by “refinancing” your current policy.
AccuQuote has many handy insurance tools, including a glossary that explains industry terminology, a collection of articles that cover the basics about life insurance, and a blog which will help answer many questions you have about life insurance. You’ll also find an instant rate quote function.
Log on to www.accuquote.com or call, toll free, (800) 541-5917 to learn more. AccuQuote’s experienced agents will answer any questions you have and provide you with free quotes from several leading insurance companies.
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