The Insurance Industry’s With-Held Secret That Does Cost Many Folks Avoidable Pain
The law in most places makes it mandatory that you have auto insurance. You can’t get a mortgage loan without a homeowners’ insurance policy. The importance of having a good health insurance plan is also well appreciated. However, you are not told that you’ve omitted the most important of them all. So which did you miss you? Let’s get into it…
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 the likelihood that you’ll never get sick is 100% you should NOT have health insurance (However, we all know that this is NOT the case). Just to ensure we are very practical in this discourse, I’ll share with you the odds that you’ll be exposed to serious loss if you do without get various policies…
The likelihood that you’ll become homeless due to a fire, fire or an act of God stands at 1:1200. That your vehicle will be totalled has odds of 5 to 1200. The probability that you’ll be hospitalized at one point in your life stands at 105:1200. 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 check and ask around. It’s almost safe to say that the hype on a policy is inversely proportional to its necessity. Would we be wrong that each of these policies are promoted based on their profitability to insurers and NOT their usefulness to the customer?
If importance was placed on necessity then long term care and life insurance policies should get a lot more promotions along with health insurance. But like is evident to all, we have something different.
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 is that the best attitude.
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. Look at the data provided above and check if you’d be a wise person to stay without insurance even the risk of losing your home stood as high as 60%? However, everyone knows that you’d have to be alive in order to lay claims on any property.
You now have enough information to make intelligent decisions. But if you appreciate you really need it but are deterred by the cost, here’s what you can do to pay less…
1. The younger you are when you buy it, the better for you. 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. Avoid all other things that increase the likelihood that you’ll need long term care sooner.
5. If you want the best rates you’d have to comparison shop. Make sure you obtain and evaluate quotes from a wide range of insurers. You can save quite a lot if you do this right.
The following sites will help people searching for the right coverage at very cheap rates: affordable health insurance and low cost health insurance. Chimezirim Odimba is an expert on steps to pay far less on insurance.
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