Tips to Lower Your Insurance Costs

by

Finance

Published on: 05 July 2017 Last Updated on: 29 July 2024
Tips to Lower Your Insurance Costs

Investing in life insurance can be an intimidating thought. It is safe to say that the younger and healthier you are, the lower your insurance costs will be. This is because a healthy person has a lower risk of dying as compared to a person with an unhealthy lifestyle. Hence, if you are thinking about life insurance here are a few tips that could help lower the cost of your insurance.

   Stop Smoking

A smoker has to pay a much insurance premium as compared to a non-smoker of the same age. In some cases, this can be as high as triple the premium. So, if you smoke or use any other tobacco-based products, now is the time to quit. You will be considered a non-smoker after you have quit smoking for at least 3 to 5 years.

   Lose some Weight

A number of health issues are caused by being overweight. Hence, insurance companies consider obese or heavy people a high risk and hence charge them a higher premium. Maintaining a healthy BMI can help you live a longer, healthier life by reducing your risk of heart diseases, blood pressure problems, etc.

   Schedule an Early Physical

A thorough medical examination is one of the prerequisites of most life insurance policies. Try and schedule this exam in the early part of the day or on a day when you are relaxed and well-rested. This is because studies show that testing for blood pressure, cholesterol, etc. have lower results in the morning as compared to in the latter half of the day after you have had a stressful day or eaten a heavy lunch.  Fasting for 24 hours before your physical could also help lower your cholesterol count.

   Be Honest

If you suffer from a preexisting condition it may be tempting to try and hide this information from your insurance agency. However, doing this could cause you a lot of trouble. In most cases, the insurance company will recognize your health condition during the review of your medical history and medical exam. Since you did not disclose this condition, you will then not have an opportunity to explain the situation.

   Drive Carefully

Along with your health records, an insurance agent might also ask for your driving record. While this may seem unconnected, it is not. According to many insurance agencies, a driver who frequently breaks traffic rules is likely to put himself or herself in a dangerous situation and hence is considered high risk. So, if you have more than the occasional ticket to your name, it may be wise to wait a few years before applying for insurance and drive more carefully in the meantime.

   Keep an Eye on Insurance rates

Like everything else, insurance policy rates also change from time to time. Thus, even if you have already bought a life insurance policy, it is important to review and compare policies every few years. Affordable Life USA has great rates on life insurance. Along with comparing quotes, you should also update your policy from time to time to reflect the changes in your personal situation.

Credit score

PREVIOUS POST

5 Smart Ways to Boost your Credit Score
file insurance

NEXT POST

How to Get Low Cost Life Insurance for Seniors
author-img

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Popular

Creating A Startup Idea

Technologies For Creating A Startup Idea

20 Feb 2023

How to Download Facebook Videos

How to Download Facebook Videos on Android?

07 Feb 2019

Ecommerce Web Design

7 Rules of Effective Ecommerce Web Design

28 Jan 2021

wordpress-1863504_960_720 edited

The 10 WordPress Plugins Every Sucessful Blogger Uses

28 Jan 2017

Follow Us

Recent

Wine Bottle Design

The Craft Of Wine Bottle Design: All That You Need To Know

25 Oct 2025

Dual Citizenship

Caribbean CBI and Does India Allow Dual Citizenship?

09 Oct 2025

Self-Driving Cars

Self-Driving Cars And Pedestrian Safety: Who’s Responsible When Tech Fails?

07 Oct 2025

Ryan McCorvie global perspective

Ryan McCorvie on Helping Kids Develop a Global Perspective

02 Oct 2025

Related

coins-948603_960_720
Finance

What You Must Know about ELSS before you Invest

Equity Linked Saving Schemes (ELSS) or assessment sparing common store schemes as they are otherwise known similar to, a mainstream impose sparing venture. The significant reason for this ubiquity has been the introduction of Section 80C of the Income Tax Act, from April 1, 2005. This section enables the investor to put up to Rs 1 lakh in different speculation items and get an assessment deduction for the same. The rundown of speculation items additionally incorporates ELSS. Prior, till March 31, 2005, interest in these duty sparing schemes only took into account an assessment deduction of up to Rs 10,000 under Section 88. Things You Must Know However, that being stated, there are different things an investor needs to remember before choosing to bounce into an ELSS speculation. Section 80 C spoils you for decision: As has been mentioned above, ELSS isn't the only speculation road that goes under Section 80C. Other ventures, for example, Life Insurance, Public Provident Fund (PPF), National Savings Certificates (NSCs), Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS) and so forth likewise offer a comparable tax break. Then there are mandatory installments, for example, your PF, tuition expenses of youngsters and notwithstanding lodging credit reimbursements that are secured under Sec. 80C. Secure of three years: Like all venture roads under Section 80C, ELSS supports additionally include specific security. For this situation, the security is for a long time. Subsequently, an ELSS speculation can't be pulled back for a time of three years from the date of the venture. This secure resembles a twofold edged sword. On the one hand, it cultivates long-term venture, which is extremely basic while putting resources into equity. What's more, on the other, if you wind up in a situation where you require supports in a crisis, you should turn to other means/speculations - best fewer funds to invest in 2017. Withdrawals are simply not permitted, not even with a punishment. Expense sparing schemes carry the danger of putting resources into equity: ELSS stores are advanced as great speculations as they empower the reserve manager to accept long-term approaches account of the implemented three years secure. In other words, the store manager doesn't need to stress over keeping reserves fluid to oblige day by day redemptions that can occur in ordinary open-finished schemes. However, it must be remembered that Reliance elss supports for every single reasonable object are like ordinary diversified equity shared reserve schemes. Conclusion The assets in these schemes are put resources into the stock market. Consequently, the profits these sukanya samriddhi scheme create rely upon the sort of stocks the store manager puts resources into and the general condition of the market. So if an investor puts resources into an assessment sparing plan, and three years down the line, when the secure finishes and the markets are not doing great, his total returns will get destroyed. Indeed, this has not occurred in the past as the Indian market is in a sidelong bull stage (excepting the occasional hiccups). However, the capability of the capital loss is especially there and it must be considered.

READ MOREDetails
Construction Loans
Finance

How Do Construction Loans Work?

It can be difficult to find your dream home, even when the downturn in house prices is the largest on record. If you’re considering finance for your home build then you need to understand how construction loans work. The simple reason is that houses are still incredibly expensive, and, even if you have the funds to buy, you’re getting someone else’s idea of a dream home. It doesn’t matter how much you spend, you’re going to need to modify it to suit your own tastes. That’s why so many people are building their own homes. It’s actually cheaper than buying and you get to design the layout yourself. Of course, you still need enough funds to complete the build, that’s where a corporate finance specialist comes in handy! The Lending Criteria for construction loans: The first thing to understand is that the loan company does not have a physical asset to secure the loan against. This makes this type of lending riskier. As such, the criteria tend to be tighter, you’ll need a good credit history, and the percentage they will lend you is going to be less than with a pre-built home. It’s likely that they will expect you to put 20-30% of the funds upfront yourself.  This shows your commitment and reduces your risk. The Lending Stages: Once you’ve agreed on the number of funds that you’ll need the loan company will not just give them o you. Instead, there are released in three distinct phases: 1. Foundation: The first step is to purchase the land, clear it and build the foundations. Along the way, you’ll need to get planning permission and the designs approved. This is the stage where little appears to happen but it creates the base for everything else. Once the finance company is happy this is completed they’ll release the second installment: 2. Construction: The main construction phase involves getting the walls and roof up. In short, your building project will start to look like a home. This will be a frame. You’ll need to verify with the lending company exactly what is included in this stage, they may want to see doors, windows, and internal wall ups. 3. Finishing: Finally, the third stage of funds will be released and this will cover the most labor-intensive stage, where the electrics are fitted, plumbing completed, and the interior finishing is done. This doesn’t mean your home is ready to move in, this will depend on the contract you’ve agreed with the builders. It’s possible you’ll still have to finish the decorating. Construction loans can be used if you’re undertaking the building work yourself, or if you’re using a company. But, you’ll need to have each stage checked and signed off before the next lot of funds are released, it reduces the risk to the lender. Once the house is completed the lender will expect the loan to be repaid very quickly. At this stage, you can obtain a standard mortgage for your home. Read Also: 5 Tips For Buying A Second Household How Industry-Specific Loans Can Support Your Business 7 Expert Tips In Finding The Best Mortgage Broker In Vancouver

READ MOREDetails
Accounting Services
Finance

A Closer Look At The Common Types of Business Accounting Services

So, you have recently launched a business, and that is great. However, in order for it to succeed, and even though you are just starting, you need to know with the various kinds of accounting services available. Becoming familiar with these services will allow you to know what is to come and how to handle the situation. The ability to pinpoint the following will be a huge benefit to your business as you'll ultimately require a few pairs of hands in order for it to excel. Ensure that you do in-depth research or consult professionals for detailed information. That being said, here are the common types of business accounting services. A Closer Look At The Common Types of Business Accounting Services: Bookkeeping This is perhaps the most common type for companies that have just launched, up until the medium ones. Bookkeeping involves recording the daily activities that include your papers, files, and expenses. It is imperative to have everything in place as it is a common ground for new businesses. In this digital age, bookkeepers utilize accounting software like Knuula and Quickbooks to monitor financial information. Tax Accounting This is a form of tax income returns specialization. Professionals who specialize in this field are the best ones to consult when you are paying unnecessary taxes. They are ideally knowledgeable on the various tax fees that different areas have. Chartered Accounting Accounts under this field have their specialized field in the accounting domain. They are ideally part of the professional accountants that are skilled in an array of accounting range. Forensic Accounting Accountants in this fieldwork to figure out any tax discrepancies or possible tax fraud or evasion in the financial records. They can be able to identify any missing slots in detail, thus making them an ideal asset to law enforcement agents. Financial Controller Services This is a service that's known to be the head of accounting departments. Their role is to assign work for employees, hiring as well as both internal and external. They ideally speak to clients and ensure that your company is performing well. Public Accounting This is a form of accounting that varies with the field. It consists of accountants in the management accounting domain, financial analysis, and much more. Since it is a broad type of business accounting, it is sometimes referred to as 'assurance services.' Accounting Audit Accountants in this field are tasked with tracking down financial records, receipts, and statements to ensure all the information submitted is valid. With this, they're able to know the status of your company and how it is progressing, which is an important aspect of running any business. Management Accounting Professionals in this domain of accounting are able to see the company's financial data. Their role allows them to analyze your company's assets, and are able to manage them properly. Not only that, but the accountants are able to budget the business' allowance just in case you are planning to release a new service or product. Internal Auditing Accountants in this field look into your business' practices to ensure that you are doing everything right in the eyes of the law. Ideally, they check for any malpractices, fraud and anything else that involves going against the law financial wise. These are the most common types of business accounting. Read Also: Tips To Hiring Accounting Firms Rochester NY For Your Business 7 Advantages In Hiring A Third Party Company To Manage Your Accounting Needs

READ MOREDetails