Many consumers are worrying about their life insurance policies in the wake of the AIG bailout. Insurance Bureau has some tips:
Q: What do I do with my term life insurance?
A: If you need more term life insurance, buy the additional insurance with a more stable provider as a backup.
Q: What if the value of the cash portion of my universal life insurance or whole life insurance policy has lost value?
A: In that case, financial experts recommend that you either remain with your current life insurance carrier, or look for penalty-free plans to convert universal or whole life insurance policies into term policies.
Q: Why do insurance prices fluctuate so much?
A: While it's very nerve-wracking to see insurance prices swing up and down, it's a factor of insurance company profits and losses from the last year, as well as modifications of their underwriting criteria.
Q: How can I save money on my insurance?
A: The best way to save money on any type of insurance is to compare different providers' insurance quotes on a regular basis. It's easy to do this on the Internet.
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