WholesaleInsurance.net Urges Consumers Not to Rely on Group Life Insurance Coverage

ROSEVILLE, Calif. - Sept. 17, 2013 - PRLog -- WholesaleInsurance.net, a leading provider of online life insurance quotes, encourages consumers to shop for individual life insurance instead of relying on group coverage through work.

Relying on coverage sponsored by an employer can backfire. If a consumer is laid off or quits the job, that coverage is gone, too. Those who decide to open their own businesses or freelance full-time would also lose any prior employer-sponsored coverage. With roughly 9.2 million self-employed Americans according to US Bureau of Labor Statistics data, that adds up to a lot of households with no financial protection against the breadwinner’s unexpected death.

According to industry research firm LIMRA, 30 percent of U.S. households have no life insurance at all. Only 44 percent have individual life insurance (a policy purchased outside of work). Of those who do carry coverage, that coverage amount is probably less than it should be. LIMRA notes that between 2004 and 2013, coverage declined an average of $30,000 per person, to $167,000. However, experts recommend coverage that amounts to at least 8 times the consumer’s annual salary.

“People often underestimate how much life insurance they need,” says Ryan Pinney, Vice President of Sales and Marketing for WholesaleInsurance.net.  “If you’re shopping for a policy, take three things into consideration: your debt (including mortgage and student loan debt), your income, and your future financial obligations, such as a child’s college tuition or any healthcare needs of your children or spouse.”

WholesaleInsurance.net encourages consumers to comparison shop for new individual policies that provide lasting coverage, regardless of employer status. This is especially important for those who have financial dependents, including single parents and the self-employed. Research and comparison shopping can be done at http://www.wholesaleinsurance.net.

Here are 3 key advantages of owning individual life insurance:

1. It's affordable. A 40-year-old can buy $250,000 of coverage for $18/month or less. These figures come from a sample quote run on WholesaleInsurance.net, for a non-smoking 40-year-old male seeking a 10- or 20-year term (preferred best health class.)

2. Group life insurance policies available through work can disappear. Many of the 11.3 million unemployed Americans (as of August 2013) relied solely on group policies offered through the workplace.

3. Comparison shopping guarantees low rates. Life insurance brokerages such as WholesaleInsurance.net offer policies from multiple carriers. Consumers who shop before they buy often get the lowest rates.

Consumers are encouraged to start with a free quote from WholesaleInsurance.net at https://www.wholesaleinsurance.net/life-insurance-quotes.

About WholesaleInsurance.net
A national division of Pinney Insurance Center, Inc., WholesaleInsurance.net is located in Roseville, CA. In business since 1972, the company offers online life insurance quotes and free consultations with knowledgeable insurance advisors to help consumers understand and evaluate their financial needs. The company offers life insurance, annuities, and disability, dental, and vision insurance.