Saving You Money For Life

Take advantage of this time to relax and enjoy the good company of friends and family. From all of us at AccuQuote, we wish you a safe and fun-filled Labor Day weekend.

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Interested in learning more about types of permanent life insurance policies? In this podcast, Byron Udell, one of the nation’s foremost life insurance and annuity industry experts, explains the difference between universal and whole life insurance.

Size:  6.30 MB

Length:  6:53

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The need for life insurance is now more than ever. Despite the fact that most peoples’ overall financial security has been compromised since the economic downturn due to layoffs, pay cuts, falling stock and bond prices, losses in savings and investment accounts and dwindling home values, ownership of individual life insurance has hit a 50 year low, according to LIMRA’s Trends in Life Insurance Ownership study.

We understand that these are tough times, but we also know that this is a temporary situation for most people. However, if a primary breadwinner died today the loss would be permanent for their family. That’s why we strongly believe some life insurance coverage is always better than none.

According to the study, nearly a third of U.S. households have no life insurance coverage at all. However, half of all households feel they need more life insurance – the highest level ever.

The study suggests that people recognize the need for life insurance, but they don’t think they can afford it. The fact is…they can. Term life insurance rates are near record lows, so even families on limited budgets can fit some life insurance coverage into their overall financial plans. For instance, a healthy 35 year old male can get enough term life insurance to cover his mortgage ($250,000 for a 20 year level term) for as little as $13.50 per month with a respected, top-rated life insurance company.

Here are some ways to save on life insurance during hard economic times:

• Conduct an annual life insurance policy review – Life insurance rates have fallen nearly 50 percent over the past decade. Even if you’re 10 years older than when you first purchased your policy, you may still be able to qualify for a lower rate. Conducting a life insurance policy review and analysis is quick and easy.
• Pay premiums annually instead of monthly – Choosing to pay in monthly installments could cost you as much as 29.7 percent APR (annual percentage rate). Use our APR calculator to determine the added cost of paying premiums in installments.  
• Buy when you’re young and healthy – Older people and individuals in poor health pay higher rates for life insurance. Lock in low rates while you’re young and healthy.
• Shop online – Buying life insurance has never been easier. You can get reliable life insurance quotes online from highly respected life insurance companies in a matter of minutes.

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Everybody’s life insurance needs are different – individuals looking for lifelong insurance coverage will benefit from permanent life insurance, whereas families with short-term or temporary life insurance needs may only need term life insurance. What if you have both long-term and short-term life insurance needs? Blended life insurance is a combination of both term and permanent coverage.

Here’s how it works…

Blended life insurance policies start out as a combination of term life and permanent life insurance. Eventually, future dividends paid into the policy will be used to convert the term coverage into permanent coverage. So let’s say you need $500,000 in coverage – the policy can be designed to have that money split. For instance, you can have $250,000 in term coverage and the other $250,000 in permanent coverage. Each year, the term will decrease and the amount of permanent coverage will increase…eventually becoming 100 percent permanent life insurance.

Blended life insurance is much less expensive than permanent life insurance, but offers the same lifelong coverage benefits. However, there are some drawbacks to blended life insurance. Blended life insurance premiums are determined based on the state of the market and the financial stability of the life insurance company. If interest rates increase, you may have to pay a higher premium on your blended life insurance coverage. Most types of permanent and term insurance policies maintain level rates throughout the life of the policy.

To learn more about permanent or term life insurance, and the pros and cons of blended life insurance, contact a licensed life insurance professional at AccuQuote today.

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Accidents happen when least expected. In fact, accidents are the fifth leading cause of death in the United States, according to the Center for Disease Control and Prevention. The CDC also reports that unintentional injuries are the leading cause of death in individuals under the age of 44. These statistics prove that it’s no accident more people are turning to accidental death insurance coverage to protect their families from an unexpected death.

The other appeal? Accidental death insurance policies are extremely inexpensive and require no medial exam or underwriting. An individual can obtain accidental death insurance for just $11 a month and become insured the very same day they apply.

Accidental death insurance pays a death benefit to your beneficiary if you die due to an accident, or unintentional death.

Protect your family’s financial future today!

For more information on accidental death insurance or any other type of term life insurance, contact a licensed life insurance agent at AccuQuote. We will help you determine your life insurance needs and find you a policy that fits within your family’s overall financial plan and budget.

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Looking for some extra cash to spend on the weekends or just seeking an easier way to pay a bill? Check out these three tips I gathered from GoBankingRates.com.

1. Reduce Expenses and Spending – The easiest way to add extra money into your budget is to reduce your spending and unnecessary expenses. Before you say there is no room in your budget to reduce spending, take a closer look. For three months, keep a notebook where you jot down every single expense, bill or coin spent. You will probably find areas where you spend more than you need to. Some people find they’re buying coffee or lunch on the road every day. Making your own really does save money even if it takes a few minutes to do so. Maybe you’ll realize you’re spending a fortune in cigarettes and alcohol both areas that can be reduced or eliminated completely for big savings. You might be able to make changes to your cellular phone plan or cable television subscription to reduce expenses, too.
2. Pay Down Debts – Another way to free up money each month is to pay off some of your debts. Most people will concentrate on the higher interest debts first to save money, but it’s also possible to use the Debt Snowball method to pay off debts with the smallest balances first in order to free up some more of your income each month. When you pay off debts, you have the money you were previously sending to those accounts as extra income. If you receive unexpected money as gifts or for other reasons, you might consider using it to pay off debts. The less debt you have, the less money you have to send to accounts each month, which gives you more money in your monthly budget to work with.
3. Earn Extra Income – If things are still tight after reducing your expenses and spending, your next option to add money to your budget is to increase your income. Some people find getting a part time job in addition to their regular job helps make ends meet. Once you’ve paid off a few debts, you can probably go back to having just one job. If you have talents and skills that can be sold on a freelance basis, you might find working on side jobs from home is a good way to earn extra income. Writing, graphic design, administrative work or web design are all skills that translate well into freelance businesses.

For more saving you money for life tips, keep reading AccuQuote’s blog. We not only provide tips like these, we can help you save on your term life insurance by comparing life insurance quotes online.

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AccuQuote, a leader in providing term life insurance quotes to people across the Unites States, has recently partnered with Answer Financial, one of the largest online personal auto and home insurance agencies in the country. In this podcast, Sean Cheyney, Vice President of Marketing and Business Development at AccuQuote, interviews Rob MacKethan, Head of Business Development at Answer Financial, about things consumers need to consider when purchasing or replacing an auto insurance policy.

Size:  7.90 MB

Length:  8:37

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Many people don’t like talking about life insurance because 1) the thought behind life insurance is morbid and 2) the purpose of life insurance is sometimes confusing if you don’t know your families financial needs. For instance, it’s a common misunderstanding that life insurance is for investment purposes. The fact is, most people don’t need to invest in life insurance – their needs are much simpler than that.

Now there are some types of permanent life insurance policies that act like investments because they build cash value. But these types of policies really aren’t an economical way to invest your money. There are only a few times when permanent life insurance should be considered, such as in estate planning or asset protection situations. But for most of us, life insurance has one purpose – income replacement. That’s it.

Once you determine the purpose of life insurance, making a buying decision becomes much easier. If your purpose is income replacement, buy term life insurance.

Term life insurance is pure insurance. There is no cash value attached to the policy. And unlike permanent insurance, which provides lifetimes coverage, term life only covers you for a specified period of time – the term. The other big difference is the price. Term life insurance is usually 3 to 4 times cheaper than permanent insurance.

So after you determine that term life insurance is all you need, both financially and economically, ask yourself the following two questions:

1. How much life insurance do I need?
2. How long do I need it?

To answer these questions, talk to your family and use AccuQuote’s term life insurance calculator. If you have questions about which type of life insurance is right for your family’s situation, talk to a licensed life insurance professional today.

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Regulation 60 is a law in the state of New York where a person residing in NY is intending to replace an old life insurance policy with a new one. If this law applies to you, there a few steps you need to take before you can legally apply for a new permanent or term life insurance policy in the state of NY.

First, talk to a licensed life insurance and tell them you live in NY and are looking to replace an existing life insurance policy. The agent will send you a simple form to fill out. You will need to include the name of your present life insurance carrier, policy number and your signature. Then, send it back to your agent.

Once your agent receives the form with all of the necessary information, they will send it to your life insurance carrier to inform them of your intent to replace your existing coverage. A 20 day waiting period must be followed. On the 20^th day, or when the life insurance carrier sends back their documents, your agent can take your application for a new life insurance policy.

If you have any questions about regulation 60, contact a licensed life insurance agent at AccuQuote. They can help explain the process and provide free life insurance quotes in all 50 states. Remember – this law only applies to people looking to replace a life insurance policy. If you are buying life insurance for the first time, this law does not apply.

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There’s no shame in admitting that life insurance probably isn’t the first thing on your mind after tying the knot. Let’s face it – most of us newlyweds are too wrapped up in the ‘honeymoon phase’ to start thinking in financial terms. But the fact is, life insurance is one of the most important components of your financial plan, so once the honeymoon is over and the gifts are put away, start planning your family’s financial future. But first, avoid these life insurance mistakes.

• Buy what you need – Don’t buy too much or too little life insurance coverage; buy what you need. Most experts recommend having a life insurance policy that equals 10 to 20 times your annual income. Use our term life insurance calculator to determine your family’s life insurance needs.
• Don’t depend on group coverage – Depending solely on group life insurance coverage (the kind that employers provide) can be risky. Why? Because most of these plans don’t offer a large enough face amount and usually don’t carry over if you lose or leave your job for any reason. An individually underwritten term life insurance policy is an economic option for most families’ financial needs.
• Update your beneficiary – If you were previously married and have existing life insurance coverage, make sure you update your beneficiary to your new spouse or children. If you don’t, your new family may not benefit from the proceeds of your life insurance policy.

To get the life insurance application process started today, contact a licensed life insurance agent at AccuQuote today.

Tags: Life Insurance
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