AccuQuote reveals five reasons to re-evaluate life insurance needs in the new year:

1. Life events require more coverage or less - Life insurance experts suggest having 10 to 20 times one's annual salary in life insurance coverage. However, true coverage needs are indicative of number of children, amount of debts and other expenses, current and future financial goals, etc. Use AccuQuote's term life insurance calculator to determine accurate life insurance needs.

2. Policy length needs to be extended - Life insurance policies are typically sold in terms of 10 to 30 years. "The younger you are, the longer your term should be and vice versa," says Byron Udell, founder and CEO of AccuQuote. "If you find yourself with only a few years left on your policy, you probably need to extend your coverage, especially if your children or elderly parents still depend on you financially."