With the exemption of just a few places, you can’t drive without having an auto insurance policy. 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. Haven’t you been told that these three are the most important policies? You’ve been lied to albeit inadvertently. 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 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. 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…
There 1:1200 probability that your home will lost due to a fire, flood or an act of God. You have odds of 5:1200 that your car will be totalled. The odds that you’ll require hospitalization are 105:1200. But consider that the odds that you will need long term care some day is 720:1200. Whole life insurance is the only policy where the odds are 100% since you are NOT immortal.
But check and ask around. One is almost tempted to say that the most important ones are the least popular. If you look closely the profitability of a policy seems to be the motivation for the average insurer.
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.
Unless you have very few assets and are poor enough to qualify for Medicaid, then the odds that you’ll need long term care is simply too high to ignore. Will you consider yourself smart if ignored getting home insurance coverage even though the odds that you’d lose it to a fire stood at 720:1200? But is any property (even your home) worth as much as your life?
It’s yours now to decide. But if you appreciate you really need it but are deterred by the cost, here’s what you can do to pay less…
1. Buy it while you’re young. If you’re up to 45 years, it’s a good time to start thinking about it.
2. Make sure you are not overweight when you apply.
3. Smokers generally pay more so it pays to quit for up to 13 months before applying.
4. If you know anything that will make you develop a debilitating disease, avoid it.
5. Do thorough comparison shopping. 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.
How much will you save? $100, $200, $300, $400 or even much more? Discover how much by obtaining and evaluating quotes using these sites: affordable health insurance and low cost health insurance. Chimezirim Odimba writes on time-tested ways to savings on insurance.
Tags: health, health insurance, insurance, life insurance, long term care insurance