Best to avoid certain types of term life insurance

Thu, 02 Apr 2009

American term life insurance firm, AccuQuote is advising consumers to be very careful when buying life insurance policies . In particular consumers need to be cautious of credit life insurance, mortgage life insurance and air travel life insurance policies .

Byron Udell, AccuQuote founder and CEO said, "The key reason for a life insurance policy is to protect your family from financial disaster if something were to happen to you unexpectedly. A lot of the life insurance being sold today is duplicative of the protection you would get from a low cost term life insurance policy. And dollar for dollar, these other policies are ridiculously more expensive."

The following are types of insurance Udell feels consumers should be cautious about:

- Credit life insurance - the benefits of a term life insurance policy over a credit life insurance is that other bills are paid as well as creditors.

- Mortgage Life Insurance - an affordable term life insurance policy will do the same thing as mortgage life insurance. By shopping around these polices are generally cheaper.

- Air travel life insurance - a person who has dependants needs life insurance cover, its immaterial how a person dies, in a plane crash or naturally.

Udell added, "If you get a phone call from your credit card or mortgage company and it sounds like the deal of the century, don't fall for the bait. If you feel that you might need insurance to cover these types of bills in the event of your death, then it's time to consider low cost term life insurance."
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