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Why Your LIfe Insurance Rates Are So High, And What You Can Do About It

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Why Your LIfe Insurance Rates Are So High, And What You Can Do About It

You’ve been smart enough to purchase life insurance before you need it and for that you are saving yourself and your family from financial destruction. However, your current premiums are costing you big bucks right now. Why is that? Here are some reasons that may explain why your rates are so high:

You bought life insurance that does not require a medical exam

Medical exams can be annoying and inconvenient, and if you have an illness or a health issue that could prevent you from getting covered, purchasing life insurance that does not require a medical exam can beneficial to you. If you simply chose to purchase insurance that does not require an exam because you were nervous about taking an exam or just plain lazy, then you are now paying the consequences. Life insurance carrier that don’t require medical examinations often hike up their prices, because they know a lot of their clients have health issues that are not disclosed in their records. This is a preventative measure that protects the company, and healthy customers end up paying for it. If you are healthy and willing to take a medical exam, switch over to a different insurance carrier and save money. By proving that you are in decent health, the companies that require medical exams can usually offer you lower rates for your life insurance with the same amount of coverage. Why wouldn’t you want to switch and save the money?

Your medical records are outdated

When you initially purchased your insurance, you took a health exam with less than perfect results. Since then, your health has improved tremendously. So why are you still paying for your old lifestyle? Talk to your insurance carrier about getting a health reassessment that may help lower your rates. If you’ve adopted a healthier lifestyle, or lost an extreme amount of weight, a health reassessment can show that you are now a healthy candidate in need of lower rates. Ask and you will receive.

You smoke

If you are a smoker, I’m sure you are already well aware that you pay more than non-smokers for insurance. However, did you know that smokers pay about three times as much for like insurance as non-smokers? Yes, it is that much more expensive. The extra costs are due to the increased medical risks associated with smoking, and even if you are a perfectly healthy individual, you will still have to pay the high rates just for one bad habit. Just think about how much money you could be saving on your premiums if you kicked the habit. If you are able and motivated to quit smoking, you can start saving on your life insurance policy. If you are smoke–free for at least two years, your insurance company may be able to lower your rates significantly. Quit now and not only save money on those cancer sticks, but also on your life insurance premiums.

You have a below average driving record

First off, slow down speed racer. Keep up your bad driving habits and you may need the life insurance sooner than expected. As for your past driving discrepancies, they may be accounted for in your life insurance policy and can jack up your rates. If you are on the search for a new insurance policy, one speeding ticket probably won’t hurt you. However, if you’ve had multiple tickets within the last three years, or a more serious offense, like a DUI, within the past ten years, you will probably come across higher rates. While most companies look at your driving records, you may be able to search online for a company that will take you on without disclosing your past records. This is unlikely. Your best bet is to wait a few years until your tickets are further buried in the past, and then try to apply for life insurance with a new company that is unaware of your past discrepancies. This way you will not have to continue to pay for your mistakes.

You have a poor credit history

You always knew your poor credit score would come back to haunt you. Anytime you want to make a big purchase, companies will want to see whether you have a bad credit score or if you’ve ever filed for bankruptcy. These are risky things for the company to take on in a client and can either prevent you from getting insured, or jack up your rates. To avoid both of these circumstances, try your best to improve your credit history before purchasing insurance. If you can’t, then shop around for life insurance and talk to a broker or online representative to find insurance that will cover you. Some companies don’t require your credit history to apply for life insurance, and you’ll be able to get affordable rates, just like someone with a decent credit history. Just make sure you can continue to pay your premiums and work toward improving your credit score.

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