Ways to Reduce Your Life Insurance Premium

You want life insurance to allow your family to continue their quality of life after you’re gone. You also want to be able to provide them with a way to take care of your funeral costs, as well as pay off any medical bills or other expenses you may incur before you leave this life.

However, you also don’t want your life insurance to break you before you actually pass on. Therefore, you’ll be looking for any ways to decrease your life insurance premium so that you can actually live while you’re still here.

Nobody likes to think about death, or how they’ll die, but insurance is important; just as having a low life insurance premium is important. The following are a few ways to reduce your premium so that you can maintain your insurance easily and without stress.

Premium Amounts

Life insurance companies determine your life insurance premium in a variety of ways. They consider your health, how old you are, the lifestyle you live as well as how much money you decide you’d like to leave your family after you’re gone. All of the above go into an equation and that determines how much you have to pay each month to keep your life insurance active. To lower your premium, you have to change any of the above that are within your control.

Your age isn’t within your control; that much is certain. And for many, their health isn’t within their control either. Your immune system and the lifestyle you’ve chosen thus far typically determine how healthy you are. On the other hand, your lifestyle and the amount you wish to leave your beneficiaries are well within your control. So start working on those things and you’ll see your premium fall to more manageable levels.

Your Lifestyle

You can change your lifestyle right now and that will often reduce your life insurance premium. If you’re a smoker, work on quitting right now. Gum, patches, and medications are all good ways to quit; but the best is just quitting cold turkey. Quitting isn’t easy but you should strive to quit if you’d like to reduce your premium. Note that it takes at least six months for all traces of nicotine to leave your system.

If you don’t work out, join a gym or start walking after dinner five to six nights per week. Get others to join you to increase your motivation. These two things will drastically improve your health. You’ll probably also lose weight, which will look very good to an insurance company. That company will then reduce your premium because you’ll be a lower risk than someone who smokes, or someone who’s overweight and not very healthy.

The Amount

Shop around before you decide on the right insurance policy. Find the company that offers the lowest life insurance premium for the amount you’d like to leave. If you already have life insurance, there’s nothing wrong with switching companies. You owe it to yourself and to your family to find the company that offers the most for the lowest premium possible.


Insight on Term Insurance Plans

In today’s age, people always want to secure the financial future of the family, so they can lead a decent lifestyle even after their unfortunate demise. Term plan is the answer to secure your family against financial hardship, when you are not around. Buying a term insurance policy provides a sum insured to the nominee/beneficiary, in the event of death of the life insured.

Benefits/Advantages of buying a term plan

Death Cover: Term plans provide pure life cover and it becomes a must buy, if you are the only wage earning member in the family. In case of your untimely death, it pays an amount equivalent to the sum insured to the family, so their finances are not affected.

Fulfill Financial Objectives: In case of untimely death of the life insured, a one time lump sum payout equal to the sum assured helps accomplish major financial goals like child education and marriage. The payout from a term insurance plan also helps pay off debts such as home loan or car loan.

Ensures Regular Income: Some term plans are available with lump sum payout plus monthly income to the family, when you are not around. These types of term plans help your family meet the regular expenses with ease.

Attains Maturity Amount: Typically, term plans do not offer any maturity benefit, but TROP plans offer the maturity benefit, and thus, returns the paid premiums at the maturity of the policy, provided the insured survives through the policy term.

Opt for Additional Coverage: You also have the option to choose riders with a term plan. Riders such as Accidental Death Benefit, Disability rider, Critical Illness, and Income benefit Rider help enhance protection to your base policy.

Major factors to consider before buying a term plan Want to buy a right term plan that can ensure the financial well-being of the family? Following are the key aspects you should consider prior buying the plan.

Adequate Cover: Choosing a right cover amount ensures that your family gets the payout that can cover day-to-day and other major expenses like children’s education/marriage, paying off debts, etc. Buying a plan with an inadequate cover is of no importance.

Policy Tenure: It is advisable to choose a policy tenure, so you can pay off all major financial liabilities. Avoid choosing a shorter policy that may end up when cover is required the most. It’s best to opt for a policy that offers flexible tenure options, so you can choose tenure depending on your protection needs.

Consider Inflation: When looking to buy a term plan, it is advisable to make an estimate about the inflation and then get a life cover that can easily cover your family’s financial expenses at a time say 20 years from now. You may consider the inflation rate while picking the sum assured for the policy.

Claim Settlement Ratio: Claim Settlement Ratio gives you an idea for the number of claims settled by an insurer. Higher ratio signifies that the insurer is reliable, when it comes to settlement of claims. It is thus advisable to choose an insurer that has the highest claim settlement ratio.

Choose Riders: When it comes ensuring financial protection for the family, you never want to compromise it in any manner. Choosing right riders with the term plan always boost protection. Riders help enhance protection, provided you have opted for the most appropriate rider/s. Riders are available on payment of additional premium, so choose it wisely.

Read Policy Terms: It is advisable to go through the policy benefits & inclusions and term & conditions, so you can assess the suitability of the plan for your family. Choosing the right term insurance plan would help build a secure financial future of your family.

Compare Plans Online: Prior buying a term plan, it is essential to compare plans from several insurers. Comparing plans online provide you an option to explore various term plans & its benefits. It helps you figure out a plan that would be the best fit. Insurance comparison portals such as http://www.comparepolicy.com helps you make an easy comparison. You can also buy it from there with huge discounts.

Assess your protection needs, choose a term plan and invest with the right insurer is the key. Insure your life and ensure your family’s protection.


What You Need to Know About Family Health Insurance Plans

Health is wealth and if you are not careful and do not take care of yourself you could end up spending a lot of money due to ill health. Taking care of your health is obviously important so that you do not have to worry about hefty medical bills, but accidents too can take a toll on you and therefore you need to be prepared to face these unforeseen circumstances. If an accident were to befall you or anyone in your family, you should have the money to take care of the expenses will arise.

Family health insurance is very important and there are a few things you need to know if you want take care of the welfare of the entire family. So be sure to get yourself the best family health insurance plan to secure the lives of your loved ones.

A few things you need to consider when looking for the best family insurance plans are listed below:

Medical expenses: It is advisable that you have a good idea of all the medical expenses that your family may need. You need a comprehensive plan for every member in the family, one that takes care of all the expenses that are planned and those that may occur unannounced.

Company: Once you have a fair idea of the coverage you need, you need to start looking for health insurance companies that will help you with a health insurance plan for the entire family. You need to ensure that the company is well reputed and settle claims promptly. Make sure you ask friends and family and do ample research before you settle for just any family insurance plan.

Affordability: You have to take care of the welfare of your family and therefore family health insurance is something you cannot ignore. You have a lot of other financial obligations and therefore you have to take on a health insurance plan that is affordable. A few things you can do to ensure that you find an affordable health plan are as follows:

a) Take care of your health, don’t smoke, don’t drink and you could get lower premiums
b) Opt for an insurance policy from a company that takes care of your care insurance or home insurance
c) Look for health insurance plan on the internet, compare costs and conduct as much research as you can.

Family health insurance plans are designed to take care of the health of the entire family and you as a loving father and husband are responsible in ensuring that the health of every family member is taken care of. Do not be lazy and do not put of planning for a secure future for your family. Today, there are a number of fantastic plans available and delaying the process will only lead to you missing the bus.