A lot of people try to avoid obtaining life insurance because of the fact that they think it is an unnecessary expense. We all know that the whole world is getting more and more expensive to live in by the day, so we feel why we should not pay out where we don’t need to, and that is where it all goes wrong. Life insurance is a must and should be taken with great thought. It has always been said that life insurance can be quite costly, but we will take a look at how you can keep the costs down.
There are some major aspects that may increase your premium by up to 60%. Firstly life insurance brokers and lenders will look at the weight of a person. So if you are applying for life insurance and you are classed as overweight, I would look at reducing your weight before you initially apply so it does not get saved in your records, as this may further increase your premium. Next if you are a smoker, how long have you actually been smoking for? If it has been for a few years then I would look at quitting for at least 15 months and then applying. This way you can class yourself as a non smoker and get dramatically reduced rates.
Most importantly you should look at your lifestyle to see if you are performing any dangerous activities, such as sky diving, or even if your job is of a dangerous nature you should be on the search for a safer alternative. Insurance firms are less likely to give cover to somebody that they believe is a risk to themselves. Basically if somebody came to me and said they jumped out of an aeroplane on a weekly basis, there is a very low chance I would offer them cheap life insurance, because of the simple fact that they are at more of a high risk of dying then anybody else, this is just my personal opinion.
Finally you should search around different companies and get different quotes as not everywhere will be the same price. Some insurance firms may even offer an option for dangerous sports cover. You should also try looking at the option of term life insurance cover which has the ability to reduce your rates dramatically, as you will only be paying for a term of insurance whether it’s from a few months to a few years, you are guaranteed to get better rates than a lifelong policy
Before You Start
- Think about how you would pay for routine expenses if you or another income-earning adult in your home were to suffer a disability and stop working?
- Ask your employer whether disability income insurance is offered as an optional workplace benefit.
- If you're an employer, consider offering it as a benefit to attract and retain desired workers.
- If you already own disability income insurance, take a fresh look at the policy to learn about the level of coverage it provides, eligibility requirements, etc.
Subscribe to:
Post Comments (Atom)
Post a Comment