Archive for the ‘Insurance’ Category
5 Quickest ways to lower your Life Insurance Premium
Worried about the spiraling life insurance premium? We have enlisted 5 quickest ways to lower your life insurance premium. Well, keep these points in mind but do tread with caution and act prudently.
Shop around and Bargain
Shop, Compare and Bargain! Well, the oldest principle, old as dirt, but still going strong. Once decided on your coverage, don’t just sign up for the first plan that crosses your eye. Ensure that you shop around (internet is a great place to start) and get a feel of the market. This would help you to bargain hard and get the greatest coverage at the lowest possible price.
Opt for Term Life Insurance – The quickest way to lower your life insurance premium is to opt for Term Life Insurance policy instead of a whole-life policy. The idea is to keep insurance as what it is and not turn it into an investment product. Thus, you can get yourself insured under term life policy at the fraction of the cost of a whole-life scheme with typically the same coverage amount. However, do not forget that Term Life Insurance covers you only for a pre-defined period of time.
Keep yourself Fit – Be a low risk proposition for your insurance provider by maintaining a healthy lifestyle and keeping yourself away from addictions such as smoking, drugs and alcohol. A good health record will result in considerable reduction in your life insurance premiums.
Consult an Insurance Advisor – To reduce your life insurance premium, the easiest thing you can do is to consult a good Insurance Advisor. Since the advisor will be pro in the insurance marketplace, he/she would be able to get you to the most affordable deal in line with your coverage requirements. Essentially a good insurance advisor would compare different market rates for you and would also negotiate the best rates on your behalf. Well, internet is a great place to identify an agent.
Start at a young age!
Insure yourself at a young age. Life insurance premium at a young age is only a fraction of what it could be when you are well into your middle-age. The premise is young and healthy people are the lowest risk segment. The low mortality risk is a great incentive for insurance companies to insure you at lower premiums.
5 Quickest ways to lower Your Health Insurance Premium
It is an old saying — “Health is Wealth.” The most important step to maintain this wealth is to get a health insurance policy for you as well as your family. But, sometimes the premiums of such policies can leave you in and out of the budget situation. Can you really do something to bring down your premium? Read on to learn about the 5 quickest ways to lower your health insurance premium.
1. Adopt a healthy lifestyle
Living a healthy life has many benefits. Your healthy lifestyle can easily help you in bringing down the health insurance premium. Exercise regularly, eat healthy diet, avoid smoking and heavy drinking — and your visits to the doctor will surely be minimized. The healthier you are, the lesser you are represented as a risk for the insurance company.
2. Shop for the best available price
One of the best options to keep your premium lowest is to go out and shop around for the health care policy. This will ensure that you find the best available policy that fits in your budget. Do a thorough research before investing in any policy. You can get information from your friends and relatives or even Internet.
3. Take up plans with higher deductibles
Insurance plans with higher deductibles tend to have lower premiums. Typically, deductible is the amount you are expected to pay toward hospital, doctor, and other medical bills. Taking up a plan with a higher deductible may not be a universally applicable idea. If you’re generally healthy and do not fall ill very frequently, then you can take up this plan. This way you can keep your premium at a lower rate and avail basic health care facilities as well. But, if you have a history of some major consistent illness, avoid taking this plan.
4. Take up a policy early in your life
The premium varies to a great extent with the age of the person. Try and get a policy as early in your life as you can. For example, if you buy a policy at the age of 25, then you’ll have to pay lesser premium but, if you go for the same policy at the age of 50 you’ll end up paying a raised premium amount.
5. Get in touch with independent insurance agents
You can take help from independent insurance agents. These agents represent several insurance agencies and can guide you to pick the right kind of health insurance policy and then plan your premiums at an affordable rate. Since independent agents will compete to get the business – so you’ll get serious offers quickly.
5 Quickest ways to lower your Auto Insurance Premium
Are you looking for ways to lower your Auto Insurance Premium? Auto insurance rates can spiral depending upon factors that include your age, past driving record, and other factors such as credit history. However, the trick is to find ways to lower the annual pay-off. We have pulled up for you the 5 quickest ways to lower your Auto Insurance Premium.
Tip 1: Hike up your deductible
Stop trying to get the ‘lowest deductible’, instead go in for a comfortably higher out of pocket payment plan. ‘Deductible’ is the amount that you would pay before your insurance policy kicks in. This is an easy way to reduce your periodic premium amount, however, be warned, in such a case, if something happens to your vehicle – you need to shell out more to cover the initial expenses, prior to going in for a claim.
Tip 2: Park your vehicle in a garage
One of the simplest ways to cut down on insurance premium is to park your vehicle in a garage, personal or commercial establishments. This helps in knocking off, in some cases, close to 20% of the premium. In a garage, the chances of your vehicle getting stolen or sideswiped are considerably lower. From a transaction perspective, parking in a garage could mean a difference between a preferred rate and a standard rate.
Tip 3: Shop around and bargain
Nothing beats the traditional ‘shop around to bargain’. Make sure you at least have three to four price quotes with you, prior to fixing on the service provider. Ensure that you are not shopping for price alone, but the whole deal.
Tip 4: Take a Defensive Driving Course
Not many people are aware of this. By volunteering for a state-approved defensive driving course, you can avail discounts in premium of up to 10%. However, do cross check with your insurer on this.
Tip 5: Downsizing Coverage
Well, downsizing coverage is perhaps the easiest way to lower your auto insurance premium. However, we suggest you to be careful and prudent, while taking this decision. This might save money, but, would also limit coverage.
