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