Part Three (Life Insurance)
Does your life insurance premium make you worry? Below you can find 5 fastest ways to turn down your life insurance premium. Try to understand these points but do tread with care 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.
Thursday, December 3, 2009
Tuesday, November 3, 2009
Five Tips to Pay less Premium for your Insurance, P2
Part Two (Health Insurance)
As wise people sayed “Health is Wealth.” The most essential step to keep this wealth is to have a health insurance plan for you and for your family. However, sometimes the Fees 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.
As wise people sayed “Health is Wealth.” The most essential step to keep this wealth is to have a health insurance plan for you and for your family. However, sometimes the Fees 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.
Saturday, October 3, 2009
Five Tips to Pay less Premium for your Insurance, P1
Part One (Auto Insurance)
There are some steps you could do to lower your car insurance premium. Car insurance rates can spiral relying upon elements like: your past driving record, age, and other issues such as credit history. But, 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: Rise 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.
There are some steps you could do to lower your car insurance premium. Car insurance rates can spiral relying upon elements like: your past driving record, age, and other issues such as credit history. But, 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: Rise 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.
Saturday, January 3, 2009
How To Turn Down The Quote OF Your Car Insurance
At one time contracts were made on a handshaking and a promise. People were not in particular involved in matters like insurance because they trusted the goodwill of their neighbour to cover them for wrongful damage. For a variety of reasons, including an increase in the speed and cost of auto wrecks, auto insurance soon became an important purchase for responsible individuals. Not long after, the federal government mandated that auto insurance be carried, at least minimally, by all car owners. The increase in the need for auto insurance over the last 10 years has led to increases in the complexity of insurance, while at the same time, amplifying the need to be more cost conscious in auto insurance purchases.
Buying auto insurance today requires as much dexterity as buying the automobile itself. It is important to know the factors that an auto insurance company considers when offering quotes. This will allow you, as the consumer, to know what steps you need to take in order to qualify for a lower quote. The five easy steps to a lower insurance quote are:
1. Portray yourself as a ‘safe’ candidate: Insurance companies are interested in managing risk. Consequently they offer drivers who are less likely to get into wrecks or at a minimum into wrecks of less severity, a lower insurance quote.
-Maintain a clean driving record, free of traffic violations or accident claims.
-Install anti-theft devices in your vehicle.
-Attend a Drivers Safety Training program.
-Buy a ‘safe’ vehicle. The National Highway Traffic Safety Administration (NHTSA) and The Insurance Institute for Highway Safety together collect information on safety related aspects of different vehicles. Buy an automobile that is officially designated as ‘safe’.
-Park your vehicle in a garage.
2. Show your Credit worthiness: As a risk management entity, insurance companies are also worried about getting paid on time. If you can show yourself to be credit worthy, there is less risk of you not making your payments on time, thus warranting a lower rate.
-Maintain a good credit score and clear up any errors on your credit.
-Cut down on the total number of outstanding credit cards to 2 or 3.
3. Practice Financial Wisdom: The way in which you structure and pay for your policy can lower the risk that an insurance company faces with respect to you as a customer. By taking steps to lower their risk, you receive a lower insurance quote and policy.
-Buy an annual policy instead of a six monthly coverage to get you a lower rate that remains the same for a year.
-Opt for automatic payment deductions from your bank account or your credit card to avoid getting charged for mail payments.
-Increase your deductibles on comprehensive and collision policies to reduce on the rates.
-Get loyalty discounts by buying your home and auto insurance from the same company.
4. Assess your Insurance Needs accurately: This is obvious, the more coverage you get the more it will cost you. Add-ons are killers in the insurance business, strip your policy down to just the minimum of what you need.
-If your vehicle is not used much or you have an old car with little market value, opt for minimum liability alone. It will cost you less.
-After fulfilling the legal mandate on auto insurance, insure according to your needs alone.
5. Other wise things that you can do: There are a number of other considerations that go into your insurance quote. Some of them are not reasonable steps to take, while others you can do with little effort which can translate into substantial savings.
-If your car is used only for a particular purpose, make your agent aware of it, as this will limit the cost.
-Students that make good grades are often eligible for a discount.
-Give up smoking; it can help you get better quotes.
-Change your occupation if you can help. A delivery boy carries a higher risk than a storekeeper.
Buying auto insurance today requires as much dexterity as buying the automobile itself. It is important to know the factors that an auto insurance company considers when offering quotes. This will allow you, as the consumer, to know what steps you need to take in order to qualify for a lower quote. The five easy steps to a lower insurance quote are:
1. Portray yourself as a ‘safe’ candidate: Insurance companies are interested in managing risk. Consequently they offer drivers who are less likely to get into wrecks or at a minimum into wrecks of less severity, a lower insurance quote.
-Maintain a clean driving record, free of traffic violations or accident claims.
-Install anti-theft devices in your vehicle.
-Attend a Drivers Safety Training program.
-Buy a ‘safe’ vehicle. The National Highway Traffic Safety Administration (NHTSA) and The Insurance Institute for Highway Safety together collect information on safety related aspects of different vehicles. Buy an automobile that is officially designated as ‘safe’.
-Park your vehicle in a garage.
2. Show your Credit worthiness: As a risk management entity, insurance companies are also worried about getting paid on time. If you can show yourself to be credit worthy, there is less risk of you not making your payments on time, thus warranting a lower rate.
-Maintain a good credit score and clear up any errors on your credit.
-Cut down on the total number of outstanding credit cards to 2 or 3.
3. Practice Financial Wisdom: The way in which you structure and pay for your policy can lower the risk that an insurance company faces with respect to you as a customer. By taking steps to lower their risk, you receive a lower insurance quote and policy.
-Buy an annual policy instead of a six monthly coverage to get you a lower rate that remains the same for a year.
-Opt for automatic payment deductions from your bank account or your credit card to avoid getting charged for mail payments.
-Increase your deductibles on comprehensive and collision policies to reduce on the rates.
-Get loyalty discounts by buying your home and auto insurance from the same company.
4. Assess your Insurance Needs accurately: This is obvious, the more coverage you get the more it will cost you. Add-ons are killers in the insurance business, strip your policy down to just the minimum of what you need.
-If your vehicle is not used much or you have an old car with little market value, opt for minimum liability alone. It will cost you less.
-After fulfilling the legal mandate on auto insurance, insure according to your needs alone.
5. Other wise things that you can do: There are a number of other considerations that go into your insurance quote. Some of them are not reasonable steps to take, while others you can do with little effort which can translate into substantial savings.
-If your car is used only for a particular purpose, make your agent aware of it, as this will limit the cost.
-Students that make good grades are often eligible for a discount.
-Give up smoking; it can help you get better quotes.
-Change your occupation if you can help. A delivery boy carries a higher risk than a storekeeper.
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