| The Insurance Industry's Dirty Little Secret That Has Cost Many So Much Regrets |
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| Written by Chimezirim Odimba |
| Tuesday, 06 April 2010 15:42 |
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Auto insurance is mandatory if you must drive in most places. You can't get a mortgage loan without a homeowners' insurance policy. Almost everyone out there appreciates the importance of health insurance. But you won't believe that many leave out the most important of all policies. So which did you miss you? Read on to find out more...
Auto insurance is mandatory if you must drive in most places. Similarly, you can't get a loan from any mortgagor unless you take out adequate home insurance. Almost everyone out there appreciates the importance of health insurance. But you won't believe that many leave out the most important of all policies. So what's it? Join me as I make things clear... The necessity of an insurance policy is determined by the level of risk you are exposed to if you do NOT have it. So if a person knows by some divine touch they will NEVER EVER fall sick in their entire lives, then such a person should NOT buy a health insurance plan. But to make this discourse more practical, we'll look at the odds that you'll really need the various policies you have... The likelihood that you'll become homeless due to a fire, fire or an act of God stands at 1:1200. The odds that your vehicle will be totaled are 5:1200. It's 105:1200 if it's the odds that you'll need hospitalization in your lifetime. However, the odds that you'll require long term care at some point in your life are 720:1200. Only one policy has 1200:1200 odds -- Life insurance policy (Term life policies NOT inclusive). But have you noticed? It seems that the popularity of policies is inversely proportional to their necessity. This could only mean one thing: The policies that are most publicized are those that have the highest return on investment for insurers. Long term care, life and health insurance policies should definitely be more mandatory and popular than auto and home insurance based the risk an average is exposed to without them. However, we all know that this is NOT the case. Make NO mistake about it: You can't get long term care insurance on the cheap. Therefore, most people simply live in denial about their needing it at some point in their lives (Especially as they grow old and become frail). But who's fooling who? With the exception of the very rich and those who are so poor and so are eligible for Medicaid, it's definitely a risk everyone should get protection against. Would you take the same chances if your home is exposed to such a level of risk? But is any property (even your home) worth as much as your life? You now have enough information to make intelligent decisions. But for those who know its importance and are looking for ways to get it at cheaper rates, the following tips will help... 1. Buy it as soon as possible. And don't forget that you can't be younger than you are today (However, unless you have a history of debilitating disease in your family or any other good reason, this is NOT a policy you should buy before you're 45). 2. Overweight attract higher rates so try to be in shape when you apply. 3. Quit smoking and ensure you're nicotine free before applying. 4. Anything that will raise the odds that you'll need long term care sooner will raise your rates. So do what you can to avoid them. 5. As for all things, shop and you'll save much. Get and compare quotes from a wide range of insurers. Don't forget that this simple process will save you several thousands in premium dollars over the years if done right. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. How much will you save? $100, $200, $300, $400 or even a lot more? Discover how much by receiving and evaluating quotes through the following sites: affordable health insurance and low cost health insurance. Chimezirim Odimba writes on proven steps to savings on insurance. |