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you are here: DentalPlans.com > Dental Health Articles > Money > How to Save on Life Insurance in a Bad Economy
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Updated: 12/9/2008 6:00:32 PM |
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 (ARA) - The economy is taking a toll on everyone's pocketbook. With groceries, healthcare, bills and more on your list of things to pay for, life insurance is usually the last thing on your mind. But life insurance is important and there are ways to save money to make sure that peace of mind fits into your shrinking budget.
"If you have a life insurance policy and you feel you can no longer afford it, before you cancel it, carefully consider all your options." says Byron Udell, founder and CEO of AccuQuote -- a leading provider of term life quotes. "There may be ways to get your rates down without losing the coverage you need. Keep in mind that if you were to die today without life insurance, the loss of your income would have an even greater affect on your family with the current state of the economy."
Udell recommends these tips to help reduce the economic burden and create an affordable plan that fits within a tight budget:
1. Switch to modal payments
Modal payments (monthly, semi-annual, etc.) are an easy and quick fix. They do a good job of lessening the financial burden of an annual insurance bill and help spread the payment across a period of one year. "If you're paying annually, contact your insurance agent and ask to switch to a semi-annual, quarterly or monthly payment," says Udell. "
2. Reduce the term length
In some cases, it makes sense to replace your policy with a shorter term. Generally the longer the term, the better, but in times like these, a shorter term with a lower premium is better than dropping coverage altogether. "By reducing the term, you could lower your payment while keeping the same amount of death benefit protection," says Udell. "However, before canceling an existing policy, be sure you qualify for a new one and your health hasn't changed."
3. Reduce the death benefit
Choosing a lower death benefit is another way to lower your costs. "While I don't recommend this as a great solution, this too, is a whole lot better than canceling the coverage completely," says Udell. "However if you do choose this option, once your financial situation improves, reapply for additional coverage immediately to ensure your family is adequately protected."
Another way to save money is to comparison shop for term life insurance quotes to find the best value. AccuQuote.com offers the personal service of unbiased life insurance professionals that can answer your questions, identify important issues and make meaningful recommendations. AccuQuote.com offers an extensive selection of life insurance options and the Web site has handy tools to help you figure out how much life insurance to buy, explain industry terminology and a blog that answers many questions about life insurance.
For more information on how to save money on your life insurance and to shop around to compare quotes, visit AccuQuote.com today.
Copyright © 2008, ARAnet, Inc.
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