How to save money on life insurance
* Forget about cancer insurance. It is better to invest your money in comprehensive health policies.
* Do not purchase Mortgage Life Insurance – This policy is three to five times more expensive than comparable term-life insurance.
* Do not neglect ID theft insurance. It will not repair your credit score or reimburse you for money taken from your bank accounts.
* Maintain your existing policy, but add to your insurance coverage. Replacing policy will incur new fees and costs.
* Don’t buy life insurance for children, as they are not dependent on your income.
* The policy will be cheaper if you’re younger than the rest of the population.
* Make sure you buy before major health problems arise.
* Price breaks: Ask how much prices rise when coverage is increased to $250,000, $500,000 or $1,000,000.
* Choose the coverage length.
* Don’t always rely upon Work policies. They are often based on a composite of employees and expire when you leave the company.
* Look into payment/billing options. Some insurers offer discounts for consumers who pay annual premiums.
* Don’t smoke. It is difficult for smokers to live a happy life.
* “The more someone weighs, the higher they pay” is how life insurance policies are priced.
* Blood Pressure, Cholesterol and Build – a high level could lead to an increase in your premium.
You could be charged more if you engage in extreme sports.
* “Spousal Discount” – Get coverage for your spouse as well as your own.
* Make sure your insurance premium is fixed. Some policies may have a fixed premium the first few years, but the premium could rise over time.
* Keep in mind that most companies will calculate your “insurance-age” by the age closest to you, but a few still use actual ages.
* Get to know your insurance company – it may not pay your claim due to financial weakness.
* Do not change your insurance policy until you consider additional charges/fees for renewal.
Consider these things when applying for insurance coverage:
* Make sure to check your overseas coverage. Some insurers will not cover overseas medical treatment.
* Claim in Time – Many insurers will not pay benefits for claims made more than two years after treatment has been provided.
* Before you go to the doctor, contact your insurance. Many doctors charge more than what you can claim.
* Avoid waiting periods. During those times, you cannot claim any benefit.
How to get cheap travel insurance
If your existing health insurance policy covers you abroad, avoid Travel Insurance.
* Buy an annual policy if you plan to make more than 2 overseas trips per year. It will be cheaper.
* Family travel insurance is a good option – Combining policies for couples and families can save money, even though the cost per person is higher than the trip.
* For those over 65 years old, many insurance companies offer discounts for such an age.
* A serious medical condition can increase your insurance rates. It may be a good idea to obtain a quote that excludes these conditions.
* Do not forget that the most expensive type of travel insurance is s ingle-trip travel insurance.
* Take into account the network of companies – it is not a good idea to join a company if you don’t accept their doctors.