Facts & Articles On The Different Types Of Insurance

Major Insurance Companies Compete for Lowest Term Life Insurance Rates

Wheeling, IL (PRWEB) February 19, 2008 -- According to AccuQuote, rates for individual term life insurance (http://www.accuquote.com) have fallen to the lowest levels in history. They are expected to continue to decrease throughout 2008 as a result of a heated war among major companies as they compete for the lowest term life insurance rates.

In the fall of 2007, ING and Banner Life Insurance companies decreased their term life insurance rates. Recently, American General and Prudential challenged this decrease. Other companies in the term life insurance arena are expected to continue making adjustments to their rates throughout 2008. The rate decrease is due largely in part to the Internet which has made it easier and faster for consumers to comparison shop in a matter of minutes.

"If you have want to buy affordable term life insurance (http://www.accuquote.com/affordable-term-life-insurance.cfm) or add onto an existing policy, now is a great time to do so because rates are at an all time low," said Byron Udell, founder and CEO of AccuQuote, a Web-based company that provides instant online term life insurance rates (https://www.accuquote.com/life-insurance-company-policies.cfm) and the personal service of unbiased life insurance professionals.

AccuQuote estimates that, for example, the annual premium for a 40-year-old male (non-smoker) in good health buying a $500,000, 20-year term level term life insurance policy in 2008 will be $345. Just 10 years ago at this time, rates were $515. Term life insurance rates for women and younger people in good health are even lower.

"It's important that you have a life insurance policy to protect the income your family relies on," said Udell. "If you don't have term life insurance, now is the time to consider buying it. And if you have life insurance, you should re-assess the amount you have and consider purchasing more."

According to a 2004 LIMRA International Report, Americans are grossly underinsured:

* The average adult age 25-34 with life insurance had only $145,000 in coverage

* The average adult age 35-44 had only $323,000 of life insurance coverage

* One in four adults has no life insurance at all

Udell recommends purchasing a life insurance policy that customers can afford to keep paying for throughout the years. He prefers term life (http://www.accuquote.com/low-cost-life-insurance.cfm) versus permanent insurance for most people because it is affordable. He says that customers are less likely to drop a term life insurance. "Permanent life insurance is on average three times more than a term life insurance policy. Most Americans just don't have that kind of money."

AccuQuote provides these tips to consumers when comparing life insurance quotes (http://www.accuquote.com/free-life-insurance-quote.cfm) online:

* Comparison shop, but don't get lured by "come on" term life insurance rates

* Take out a term life insurance policy worth at least five to ten times your annual salary

* Buy from a reputable term life insurance company that is financially stable

* Review life insurance needs every 2 to 3 years

About AccuQuote:

AccuQuote helps consumers find the best values in term life insurance by combining instant online quotes with the personal service of unbiased life insurance professionals that can help answer questions, identify important issues, and make meaningful recommendations. The company offers consumers an extensive selection of life insurance options, including term life, whole life, and universal life, as well as selected annuities. The website has many handy insurance tools, including a life insurance needs calculator (http://www.accuquote.com/term-life-insurance-calculator.cfm) to help you figure out how much to buy, a glossary that explains industry terminology, a collection of articles that cover the basics about life insurance, and a blog which answer many questions about life insurance. For additional information or to get quotes for cheap term life insurance (http://www.accuquote.com/cheap-term-life-insurance.cfm), please call 1-888-314-4455.

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