AccuQuote Suggests Taking on New Debt Increases the Need for More Life Insurance PR Web (press release)
Millions of Americans are affected by debt. In fact, the Federal Reserve revealed that outstanding consumer debt totaled $2.55 trillion in 2009. The need for more life insurance protection increases as more consumer debt is acquired.
“Whether it’s credit card debt, a home mortgage or a business loan, the more debt you are carrying, the more life insurance you need,” says Byron Udell, founder and CEO of AccuQuote. “You should have enough life insurance to cover your outstanding debts when you die so your loved ones can start over financially.”
Generally, in its simplest form, life insurance is a way to replace the income of a deceased breadwinner. However, the death benefit amount should include the sum of all outstanding debts in addition to 10 to 15 times the insured’s annual salary. Consumers in the market for life insurance can use a life insurance needs calculator to find the right type and amount of life insurance coverage based on their individual financial situation.
