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AccuQuote Announces the Cost of Paying Life Insurance Premiums Monthly vs. Annually

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					AccuQuote Announces the Cost of Paying Life Insurance Premiums Monthly vs.
Annually
AccuQuote, a leader in providing term life insurance quotes to people across the United States,
reveals the cost of paying life insurance premiums monthly vs. annually. The multi-carrier life
insurance brokerage firm offers consumers use of their APR calculator to determine how much
money could be saved by making one-time insurance payments rather than installments.
Wheeling, IL (Vocus) May 24, 2010 -- AccuQuote, a leader in providing term life insurance quotes to people
across the United States, reveals how much money consumers can save by paying their life insurance premiums
annually versus monthly. The company exposes an annual percentage rate (APR) as high as 29.7 when consumers
choose to pay their life insurance premiums in installments rather than in one lump sum.

 Most types of insurance companies, including property and casualty, health and life, offer consumers various
payment options, such as paying premiums monthly, quarterly, semi-annually and annually. Consumers who do
not pay their premiums annually are charged a financing fee. In other words, consumers are paying for overall
convenience and affordability. This additional charge can be significant.

 “It’s important to find ways to save in today’s economic climate, especially if your financial situation has been
negatively impacted by dramatic decreases in home values, savings and investments,” says Byron Udell, founder
and CEO of AccuQuote. “One of the ways consumers can save money is by cutting back on unnecessary
spending, like dining out. On the other hand, things like your life insurance and other types of insurance shouldn’t
be downgraded. The good news is that you can save a fortune and keep the same amount of coverage by paying
your premiums annually versus monthly.

 Some consumers agree that convenience and financial flexibility is worth paying a financing fee in addition to
the actual cost of their life insurance coverage. However, some consumers may be surprised at how much money
they can actually save by paying their life insurance premiums annually. For example, a 30-year-old male can pay
either a $500 annual premium for a $500,000, 30-year term life insurance policy or make 12 monthly payments of
$45 each. The cost of paying monthly is an additional $40 annually, which is an effective APR of 17.2.

 While most insurance companies typically do not disclose the effective APR, consumers can use an APR
calculator to determine the total dollar amount and provide an approximate APR for any additional charge
consumers may incur by paying their premiums in installments. By simply entering the annual premium, payment
method and payment amount, consumers will have the information they need to intelligently determine whether
the additional cost of paying fractionally (monthly, quarterly or semiannually) makes sense financially.

 “Paying your life insurance premium annually could save you thousands of dollars in interest charges over the
life of your policy,” says Udell. “However, life insurance companies understand that not everybody who needs
life insurance can afford annual payments, which is why alternative payment options are available. In the end,
choose the payment method that fits within your overall budget so you don’t risk neglecting your financial
obligations.”



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 About AccuQuote
 AccuQuote helps consumers find the best values in term life insurance by combining instant online life insurance
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 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 answers many questions about life insurance. For additional information or to get
quotes for cheap term life insurance, please call 1-888-314-4455.

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Contact Information
Christin Accomando
AccuQuote
http://www.accuquote.com
847-850-2000



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posted:5/24/2010
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