TERM LIFE INSURANCE RATE WAR

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Term Life Insurance Rate War


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(ARA) - If you have been thinking about buying term life insurance, now's a great time to start shopping because life insurance companies are competing for the lowest term life insurance rates. Rates are expected to continue to decrease throughout 2008.

NOTE: THIS TIME OF CRISIS IS AN OPPORTUNITY.

"Last November, we saw ING and Banner Life Insurance decrease their term life insurance rates. Most recently American General and Prudential challenged that decrease in the term life insurance arena and we expect all the major term life insurance companies to continue making adjustments to their rates in the 2008," says Byron Udell, founder and CEO of AccuQuote.com, a Web-based company that combines instant online term life insurance quotes with the personal service of unbiased life insurance professionals.

According to AccuQuote.com, 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 $345. Just ten years ago at this time rates were $515. Term life insurance rates for women would be even 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 a life insurance policy. However, before purchasing life insurance the experts at AccuQuote.com suggest you ask yourself the following questions:

NOTE: IMPORTANT TO ASK TH FOLLOWING QUESTIONS BEFORE GETTING A LIFE INSURANCE.

* How much life insurance do I need?

* What kind should of life insurance should I buy - term life insurance or permanent life insurance?

Udell says a good rule of thumb 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.com's Web site has a "Needs Calculator" that can be used to give you an idea of what the proper amount would be, but Udell says it's best to talk with a licensed agent because an agent can really dive deep into your financial situation.

As for the type of life insurance you should buy, Udell recommends purchasing a life insurance policy that you can afford to keep paying for throughout the years. He prefers term life insurance for most people because it is affordable and because people are less likely to drop term life insurance. "Permanent life insurance is on average three times more expensive than a term life insurance policy. We're comparing hundreds to thousands of dollars per year. Most American's just don't have that kind of money."

If you currently own a life insurance policy, Udell suggests reviewing your policy every two to three 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 life insurance 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 ten years so you may be able to save a lot 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 that will help answer many questions you have about life insurance. You'll also find an instant term life insurance quote function.

Click here 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 term life insurance quotes from several leading insurance companies.

Copyright © 2008, ARAnet, Inc.

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