Recession Proof Your Life Insurance Needs

With the unemployment rate at a two-year high and the housing market in a slump, talk of a recession is on the rise. Most consumers depend on their employer for their health, life and disability insurance. According to a recent report by the Center for Economic and Policy Research a recession in 2008 would eventually result in at least 4.2 million people losing health/life insurance coverage. If the worst happens and a recession costs them their job, what would they do?

  • Switch to term life insurance policy - If you have a group life insurance policy, you most likely will lose your coverage if you lose your job. Look into getting an individual level term life insurance policy. Not only is the coverage portable, but it’s usually less expensive then group and if you’re in good health, you can usually get more coverage for less money. Shop around and compare life insurance quotes online at a company like AccuQuote.
  • Compare individual health insurance policies – Start comparing individual health insurance polices before you run into a situation where you are forced into getting something right away. If you lose your COBRA rights up front, you could end up in a tight spot. If you lose your job and you can exercise COBRA rights to retain your current employer’s health insurance policy, do so. Even if you think you might be able to buy coverage at lower expense under an individual policy, protect yourself through COBRA.

    • Accuquote's free online quote system will compare rates for you and find the best Life Insurance rates from Top life insurance companies such as:

    Top Life Insurance Companies
    TransAmerica Occidental Life | AIG | Lincoln Financial Group | Prudential Financial | Genworth Financial

    See for yourself how much you can save on term life insurance, whole life insurance and universal life insurance.

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