Getting Quotes For Your Life Insurance Premium

Posted on December 10, 2016 in Uncategorized

Having insurance is important, but getting the right plan is a process. One of the biggest rules when it comes to this type of insurance is to shop around and do your research. Don’t buy the first plan you come across just because it looks good at a glance. The objective here is to get the best life insurance premium possible. This is a big decision and you are going to be spending a lot of money on it, so you need to make sure you are getting what you require.

Get Quotes

Getting several different quotes on your life insurance premium is the best way to start this process. A professional will be able to tell you what the best premiums are f the type of policy you’ve chosen and which policies would be best for you to look into.

Check Your Health

If you want to get the best life premium, you need to look at your health and lifestyle. If you are very healthy and don’t have a hazardous occupation, you will probably get a good rate. If there are some health issues in your life, you may want to take care of these in order to get a better rate.

Smokers are far behind the game when it comes to getting the best premium. Since smoking raises the risks of health complications exponentially, insurance companies charge a lot more to cover smokers. The same goes for those who are overweight. Losing a few pounds can bring you a lot closer to the best premium you can get.

Hazardous occupations are something else that can raise your life insurance premium. If you have a dangerous job, you may want to consider switching careers. Not everyone can or wants to do this, but it is something to keep in mind.

Take a Look at Your Credit and Bills

Something else to think about is that if you have good credit, you are likely to get a better life insurance premium. This is because good credit shows that you are responsible when it comes to paying bills, and probably a responsible person overall.

You may also be able to bundle all of your insurance through one company and save even more money. If you get your life insurance, car insurance, and homeowners insurance through the same company, you can get huge savings on your life insurance.

Double Check Your Policy

Checking out the policy you have now can be a great way to make sure you are getting the best life insurance premium. Many people are paying for coverage that they don’t really need, and if you can eliminate this extra coverage, you can save a lot of money on your life insurance.

Speaking to a professional about the different types of life insurance and the best premiums will give you a lot of the information you need to make the best decision. Once you determine what kind of coverage you need and the kind of life insurance premium you can get, you will rest easier knowing that is something happened to you, your family would be taken care of.

Health Insurance Premiums – Why Do They Increase Each Year?

Posted on December 2, 2016 in Uncategorized

Why do health insurance premiums increase each year? Not that it helps a lot in being able to keep paying increasing amounts but at least one can understand why it does.

Basically underlying medical costs like paying doctors, more expensive drugs, increasingly sophisticated and expensive testing technology and other factors contribute towards the increasing health insurance premiums.

You may be healthy but the health insurance premiums can still get more expensive. An understanding of how premiums are determined will help explain this.

Each year, the insurer develop profiles of its patients and then works out the cost of each of the profiles. Examples will be male children, age 2 to 6 and women age 45 to 55. Each of these profiles will need different medical attention and based on these profiles and multiplied by the expected number of people they expect to insure for each profile, the insurer can estimate the expected costs.

To this is added the additional amounts for expenses and profits. Then an average cost is calculated per patient or family which becomes your annual premium. Each participating individual or family will pay the same premium amount, regardless of the health of the individual or family.

For those employed, your employer may contribute to the premium cost. If not, you pay the full health insurance premiums. This is assuming that you have no pre-existing conditions that might make you not eligible to be insured.

The health insurance premiums will be much more than what it actually costs for healthy people’s care for the whole year. You may visit the doctor once or get one prescription and still be paying a lot. However, you pay the premiums because you don’t want to take the risk of paying for a major illness or accident.

Those a little less healthy and a bit older might come out even as they may need more medical attention, with the health insurance premiums being closer to the actual cost if you were to pay out of pocket. Here again, people still pay so as not to risk major expense in case of being in an accident or being diagnosed of a major illness.

For those in the sicker, especially if older and sicker, then your premiums are a real bargain. For those with chronic diseases like heart problems or diabetes, or diagnosed with any debilitating disease, the actual cost of care if paid from your own pocket, could be hundreds of thousands of dollars.

For those over age 65 and receiving Medicare, the coverage is a windfall. The care you get is based on you being past retirement age. Many people would have paid into this fund through their working years.

If you look at the population of the entire country, the population is aging and together with that, this group needs more healthcare. Chronic illnesses may have been developed over the lifetime and this age group is more prone to life threatening diseases.

New babies are born daily, but now there are higher incidences of children with autism and other problems which are also adding up to the cost of care across the population.

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What Can Affect Your Life Insurance Premium?

Posted on November 25, 2016 in Uncategorized

Everybody wants to get the best life insurance premium possible, and there are many things that determine that premium. To get the best premium possible, you need to take a look at some of the determining factors and see what you can do to make yourself the best candidate possible.

Age

Age has a lot of impact on life insurance premiums, because age and health generally go hand-in-hand. The older you are when you get insurance, the higher your premium is likely going to be.

While this is usually the most obvious factor, it isn’t always reliable because there are lots of very healthy older individuals and plenty of young people who aren’t nearly as healthy as they should be. Thankfully this is not the only deciding factor.

Lifestyle

You will likely be asked many questions about your lifestyle. Things such as the amount of alcohol you drink will be considered. If you are more than a social drinker, you will have a harder time getting a great life insurance premium. Your career will also be examined. If you have a job that is generally considered to be “safe” insurers are happy to give you a good rate. On the other hand, if you have a hazardous job you may pay more.

Health and Habits

It makes sense that the healthier you are the better life insurance premium you will be able to get. Smokers rarely get very good rates because they have a higher chance of developing health problems. Individuals who are obese also face this issue. The further you are from your ideal weight, the more you will be charged for your insurance.

Many insurance companies require a basic health exam before they will agree to insure you. This is so they can see what kind of health you really are in. There are some companies that don’t require this exam, but you probably won’t get as good of a premium without an exam.

What You Can Do

If you are trying to get a good life insurance premium, there are things you can do to make your chances of this better. Getting yourself into good health overall is the goal, but there are small steps you can take to make this happen.

If you smoke, kick the habit. This one change will save you a lot of money on your premium each month. This is also a good time to start exercising and lose any extra weight you have. These couple steps will make you a much better candidate for low premiums.

Eating healthy and trying to reduce stress in your life are a couple other things you can do to make yourself healthier. Finally, take a look at the profession you are in. Switching may not be an option, but you may want to see if you could save a lot of money by moving to a less hazardous profession.

As you can see, just a few changes in your life can get you a better life insurance premium. Take a look at your life and see what you can change to make this happen.

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