Current Economic Conditions Mean Inestability And The Need For Greater Life Coverage
One of the leading providers of term life insurance in the United States, AccuQuote.com, is saying that present changes in the economic state of the nation actually means that consumers need to purchase greater amounts of term or whole life coverage to cover an increased risk.
The company is saying that the recession in conjunction with the rising unemployment rate actually is a signal to consumers to increase their purchase of existing life insurance coverage. Since as AccuQuote puts it changes in economic conditions means the need for increased life insurance to protect one’s family as well as one’s financial plans, this reasoning may yet prove to be accurate.
Byron Udell, who serves as both the CEO and as founder of AccuQuote is saying that today fewer people are able to guarantee their job security. He says that if you are relying on the life insurance that you may be receiving through your work, you need to bear in mind that it will end when you retire, quit, or are let go. He says that for this reason it is important to purchase an individual term life insurance policy that can will provide your family with the cushion they may need to survive financially in the event that you were to die prematurely.
According to Udell there are several reasons for it being important to purchase your own term life insurance policy during these difficult economic times, including:
A Rise in Unemployment – At the present time the unemployment rate is higher than it has been in years. You need to keep in mind that group life insurance coverage benefits do not stay with you if you move your place of employment. This if you were to lose your job, you would also lose your term life benefits.
Possible Cuts in Benefits – As companies strive for ways to cut their expenses, employee benefits are being cut. It is possible that your employer may be reducing his involvement in your pension plan thus reducing your pension benefits, which in turn can mean that your spouse probably will not receive as large a death benefit as you may have anticipated a few years back. To deal with this you can add an individual life insurance policy to make sure that your spouse will be adequately protected.
Decreasing Assets – It is true for a large proportion of the public that the biggest asset they own is their home equity. However, the housing market has already suffered a significant drop during the past few years. In addition to this, 401k and other investments have experienced significant drops in value. Those individuals that may be depending on their savings or home equity to meet their family’s needs will be needing additional life insurance to fill in the apparent shortfalls.
AccuCom CEO Udell says that shopping around for term life insurance is easy to do online. He adds that many online companies, including multi-carrier brokerage firms, have the ability to compare term life insurance rates across several top-rated life insurance companies. The use of one of these firms is easy making it no problem to find affordable term life insurance rates to assure that your family will be taken care of if something unforeseen were to happen.