How to Recession Proof Your Insurance Needs

Talk of recession is on the rise. The economy is slowing down and the unemployment rate has now increased to a 2-year high. The Center for Economic and Policy Research predicts a recession would cause at least 4.2 million people to lose some insurance coverage.

But according to Byron Udell, founder and CEO of AccuQuote, a leader in providing term life insurance policies to people across the United States, there are steps people can take to protect their family when the economy is looking grim. "As people lose their jobs, they may lose some insurance benefits too," he says. "If you think there is a chance you could get laid off, you should do two things: first, get your resume ready and second, get your insurance matters in order. Start comparing insurance polices before you run into a situation where you are forced into getting something right away. In which case, you may not always get the best price or product."

AccuQuote suggests the following tips for recession proofing insurance needs:

* Switch to a term life insurance policy - Consumers who have a group life insurance policy will most likely lose their coverage if they lose their job. Switching to an individual level term life insurance policy is usually less expensive and the coverage is portable.  

* Compare individual health insurance policies - If a company goes bankrupt and there is no longer a health plan, COBRA coverage will not be available. Most of the time individual health insurance policies are less expensive than COBRA. However keep in mind that some people, depending on their health, may not be able to buy individual coverage at a lower cost.

* Shop for disability coverage - Consumers protect their health and life, but they often forget about their biggest asset -- their ability to work. Shop around for individual disability coverage. Unlike the one from an employer, consumers can keep this coverage if they move from job to job. And, benefits will be tax-free if the premiums are paid by the owner of the policy.

* Make sure the policy is paid for before dropping any existing coverage - Before dropping any existing policies, consumers should not only compare costs, but make sure coverage is paid for and in force.

"No one likes to think about the worst possible scenario, but this is oftentimes a reality for many people," says Udell. "If you are one of the unfortunate people that will lose your job in 2008, you'll be happy that you took a moment to recession proof your insurance needs."

When you're ready to start shopping around, log on to www.AccuQuote.com and take your first step towards affordable life insurance. After filling out a simple form, you'll receive quotes back from several insurance companies.

As you're reviewing the quotes, AccuQuote's experienced agents are available via phone or e-mail to answer any questions you have. The Web site also features 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.
Click here or call, toll free, (800) 541-5917 to learn more.

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