AccuQuote reveals five reasons to re-evaluate life insurance needs in the new year:

1. Life events require more coverage or less - Life insurance experts suggest having 10 to 20 times one's annual salary in life insurance coverage. However, true coverage needs are indicative of number of children, amount of debts and other expenses, current and future financial goals, etc. Use AccuQuote's term life insurance calculator to determine accurate life insurance needs.

2. Policy length needs to be extended - Life insurance policies are typically sold in terms of 10 to 30 years. "The younger you are, the longer your term should be and vice versa," says Byron Udell, founder and CEO of AccuQuote. "If you find yourself with only a few years left on your policy, you probably need to extend your coverage, especially if your children or elderly parents still depend on you financially."

3. Health has changed for the better, or worse - Heath is the primary factor that affects one's life insurance rate. "If your health has declined since you first purchased your policy, it would be wise to exercise your policy's conversion option," Udell says. "Converting your term life insurance into permanent coverage guarantees coverage for life, regardless of changes in health, even conditions that would otherwise make you 'uninsurable.' On the other hand, if your health has improved, you may be able to reapply for a lower rate."

4. Current policy is too expensive - Having trouble meeting your monthly or annual premium? Currently, term life insurance rates are near historic lows and still dropping. "If you can't afford your current premium, check out a multi-carrier life insurance quoting and brokerage firm, like AccuQuote, to shop for the lowest rates," Udell says. "But, remember, never cancel an existing policy until a new one is paid for and in force."

5. Life insurance is more important than ever before - "In today's economy, life insurance is one of best and most affordable ways to protect your family financially because other aspects of your financial life may not be what they were just one year ago," Udell says.

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AccuQuote: 5 reasons to re-evaluate life insurance needs in 2011

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