Tips to Lower Your Insurance Costs

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.

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 *

Related

Investment Plan

How to Select the Best Investment Plan for Your Child?

As parents, you want many things for your child - happiness, health, and a secure financial future. You also want that your child should excel in his/her career. Just imagine your kiddo becoming a star athlete or a budding biologist or a successful entrepreneur who appears in headlines from time to time. Your joy will know no bounds! However, when you want to provide the best of everything to your child, you will have to move beyond the basic parenting skills and contribute to his/her holistic growth. For that purpose, it is sensible to save money for your child’s future and keep him/her financially secure, even in your absence. A good way to start is to invest in an Online Savings Plan, popularly known as ‘Child Investment Plan’. An online savings plan serves the dual purpose of investment and insurance. Most importantly, it fulfils two major requirements: It secures your child’s future financially It provides financial aid at various stages of your child’s life such as higher education, starting a business, or getting married However, with several child investment plans available in the market today, it can become difficult to choose the plan that best meets your child’s needs. Following tips will help you make an informed decision: Determine the Monetary Value Attached to Your Child’s Dreams As a responsible parent, your first step should be identifying and prioritizing your child’s goals and the monetary value attached to them. The two main goals for which you would need significant financial funding is your child’s education and marriage. As far as education is considered, for the time being, decide your child’s goal on behalf him/her and know for sure when the cash is required. Reach a decision, for instance - "I am saving for my son’s engineering degree in 2025, and I may require 20 lakhs for the same". Along these lines, calculate the required funds while taking into consideration the year of the requirement for the respective milestones. Also, with respect to your child’s education, don’t just consider funds for primary and higher education, but also plan for extracurricular activities. In short, make estimates of the amount you intend to spend on your child’s education or marriage. Doing so will help you choose the premium amount and the policy term for the best child investment plan. Go for Equity-linked Online Saving Plans If you have a higher risk appetite for equities and a considerable investment time frame (more than 10 years), you can consider opting for an online savings plan. It is essentially a unit-linked child investment plan that offers you investment as well as insurance feature in a single product. Further, this plan provides multiple investment options like equity, debt and balanced funds. So, if you have a longer investment timeframe, you can go for equity funds as investing in equities for longer duration gives the best returns. On the other hand, if you have a lower appetite, you can go for an online savings plan that offers a balanced mix of growth and debt funds. Remember that just choosing to invest for your child is not enough. Selecting the right investment plan is most important! Therefore, while making your investment decision consider the amount you can spare for investment, your income, cost of higher education, time in hand, and the level of risk. Look for Premium Waiver Benefit Almost all insurers, including Max Life Insurance, offer child plans with premium waiver benefit as a key feature of the base plan. This benefit acts as the most vital feature in case of demise of the parent. In such a situation, the child plan pays a lump sum amount to the nominee. Further, the insurer waives off all future premium, and the plan continues to be active until the entire policy term. This ensures that the maturity benefit remains intact as planned. Check for Provision of Partial Withdrawals Online saving plans also allow partial withdrawals on fixed intervals. The idea behind such partial withdrawals is to allow parents to meet the financial needs of their kids at the key milestones in their life such as admissions for extracurricular activities, admissions in educational institutions, or marriage. This option is also helpful for meeting unplanned expenses in case of medical emergencies. Other Factors to Consider for Child Investment Planning Start investing early. It will help achieve your investment target easily. Also, ‘Power of Compounding’ will play an important role when it comes to investing for your child’s future Know the different premium payment modes. You can opt to pay premiums on monthly, quarterly, half-yearly or annual basis Invest in a plan that offers a well-balanced mix of equity and debt funds Track your investment at regular intervals and make appropriate changes if required Select a tax-efficient investment option Concluding Today many insurers have come up with attractive child investment plans. However, you need to be judicious about what plan you want to opt for. Also, while making your decision don’t forget to consider criteria like time horizon and age of your child. We hope that this guide will help you choose the right plan for your child and make his or her dreams a reality! Read Also: Investing And Trading 101: Investment Ideas For Newbies How Digital Advisors Have Transformed The Investment Sector Pros And Cons Of Oil And Gas Investment

READ MOREDetails
Trading

Amazing Ways to Maximize Your Profit at Trading (As a Beginner on Edge!)

The traders invest money in making good profits in business. People hope for good returns to become rich in the Forex market.   But maximizing the probability of profits cannot be done within a short time. The investors apply different types of techniques for increasing the chance of making money.   By developing sound knowledge about the field, a person will be able to get good returns from the market. There are several types of techniques for maximizing profits. These are being discussed here.  Check the Broker The traders must select the right broker to continue the transaction process. A trading platform is very important for the buying-selling process, and the broker provides this platform.   So, when a person chooses a platform, he or she needs to make sure that the trading platform works better and suits him or her properly.   The broker charges a fee for their services. The business should choose a broker who prefers a fixed spread. This will help the investor to reduce the costs. You should focus on the facilities provided by the broker.  Follow the Plan Properly  When an investor can control the risk, they will get good rewards. For this, people must execute the roadmap properly so they can stay on the right track to accomplish the goal.   A person must generate a proper plan and should be back testing this so that they can identify the plan's workability.   Considering the different phases of the Forex market, traders need to develop a plan and change some necessary things to adjust to the situation.   People should develop a sense of discipline that will help them apply the strategies accurately. However, those who are involved in bond trading must choose a high-end broker like Saxo. Usually, bond traders trade with a big sum of money. So, investing a big sum of money with an unregulated broker is a very risky approach.  Limit the Currency Pairs Sometimes, people try to trade the different currency pairs to see which provides more profit.   But trading several types of pairs can force the investors to switch from one price pattern to another price pattern.   Therefore, the businessmen can miss the condemning period of the business field. So, to avoid the losses, a person tries to limit the pairs as one pair influences another pair.  Limit the Leverage Investors should take leverage based on their account balance. Taking excessive leverage can create a problem for them. This can wipe out their account balance and can destroy the traders’ trading careers.   Many brokers offer moderate leverage, which helps maintain a balance between cost and assets. People take excessive leverage to make more trade and more profits. But the person needs to take the leverage that can control the risk and help to get good rewards.  Maintain the Risk-Reward Ratio  The risk-to-reward ratio refers to the proportion between the stop-loss order and the take-profit order.   To get good results, a person should use these orders accurately. If people cannot spend lots of time in front of the screen, they can secure their current position by setting the stop-loss.   An investor should identify how much loss he or she can tackle in place of making good profits. Some businessmen tend to take high risks; some tend to take low risks.   This depends on the income and the choice of the businessmen. So, you must decide your own preferences.  Every person wants to become rich in the Forex market to improve their daily lifestyle. But people must work hard to secure their deposit and increase the account money to do the trade for a long time. Stick to your Trading Hours  Spending all day in front of the screen can lead to burnout and bad decision-making.  Especially if you are new, and already on edge with insecurity regarding your decisions.  Instead, create your trading schedule based on your strategy and the currency pairs you are trading.   Usually, taking trades during peak market hours when there is more participation generates better opportunities.  And once that’s done, stick to it! Taking random trades at odd hours will mostly lead to impulsive decisions, costing you money.  Control Your Emotions Even the best strategy won’t help you if emotions interfere. Fear and greed are known to be the biggest pitfalls for traders. You should structure your trading by automating a part of it to avoid emotions. For example, you can use automatic stop-loss and take-profit orders so that you don't get taken into deciding under pressure in a volatile market. Before you begin a trading session, assess your state of mind. Are you feeling stressed or preoccupied? Such emotions may impair your judgment. Regular intervals and mindfulness exercises will help you keep your trading instincts intact.  Final Note Trading is a journey that can last you for a lifetime. Plus, act as a passive source of income when you are monterily in your roaring 20s. It's not a very popular opinion, but calculated trading can also help you become more responsible with your income. It gives you a fair idea of where you shouldn’t spend your money, and what is the ‘right place’ to invest. While the idea of ‘buying low and selling high’ might sound exciting, you should also be aware of the reality. Profitable trading is more difficult than just buying stocks when the price goes down or selling when the price goes up.  A currency trader needs to have a big-picture understanding of the economies of the various countries and their interconnectedness. Especially how their business and inflation rate would affect the company you are currently interested in investing in. Consistency is the name of the game. Test your strategy under different market conditions and tweak it if necessary. In time, you will be able to yield comfortable growth on your trading account.  Read Also: Capex Trading Platform Review How businesses can use stock trading Forex Trading Wisdom: Talk Yourself Out of Bad Trades

READ MOREDetails
Passive Income And Crypto Trading

Passive Income And Crypto Trading: Here Is How You Can Start

Today’s young generation is passionate about passive income. People are now more compassionate to make their investments in Crypto trading. They like to make their investments in Crypto-currencies. Passive income means earning money without participating in any working activity. It may involve investing in Cryptocurrency, affiliate marketing, and evergreen automated sales, dividends from the stock holdings to generate any other kinds of income. Proper implementation of the planning can make things easier for you. How Can You Earn Passive Income From Crypto Trading? There are several ways you can earn money from Crypto trading. First, it can help you to earn more by investing once and generating money from a lifetime. Second, proper implementation of the plans can make things easier for you. 1. Mining Mining is a process to provide the computational power to secure the network of exchange. From this source also you can earn passive income quickly. It is one of the oldest and most efficient techniques to produce passive income in the Crypto trading sector. The application of the quantum ai, or the quantum app can make the mining process easier for you. It will ensure that you earn as much passive income as you can. Mining is making the use of the Central Processing Unit that makes it feasible for Cryptocurrency mining. 2. Stacking Stacking is a resource-conserving processor version of mining. However, for obtaining the stacking benefits, there are certain factors that you have to consider at your end. The application of the appropriate wallet can help you to fulfill a specific network of activities. The ownership and the stake are limited to the specific network of activities you have to consider while you want to develop your business. The application of Blockchain technology can make the earning process easier for the stackers. 3. Lending    Lending is one of the passive ways that will ensure you earn the income from the Bitcoin investments. The capability is making it available for margin trading and increasing passive income. Several Cryptocurrency exchanges offer the opportunity for margin trading. Therefore, it is perfect for long-term investors who want to expand their portfolio with minimum effort. Moreover, it is one of the best ways to secure cash and create a smart contract inherently. 4. Effective Running Of Lightning Node    The lightning network node will offer a second layer protocol that builds on top of the network, effectively working on all means. Quick transactions are possible in Blockchain technology. It can help your business to grow at a faster pace. Now get some detailed insights about it. The lightning network offers bidirectional channels that provide the necessary options for running the node in all directions. It can help you to earn passive income if you can maintain the channels indigenously. It is another means of earning more from Crypto-trading. 5. Affiliate Programs Affiliate links, referrals, and other types of discounts allow new users to get the affiliate programs. Additionally, discounts are being provided to the new users who have brought you this platform. On digitals platforms, you can start your affiliate programs. It can make things easier and more profitable for you to generate revenue in a short time frame. A proper and effective strategy can make things easier for you if you want to develop your income. Effective planning is essential here to make things work in your favor. The development of a better affiliate plan can increase your chances of growth. Crypto Trading That Makes Passive Income Easy These are some of the practical and crucial tips you can follow for earning passive income from Cryptocurrency. First, prepare plans that can work well in your favor and increase your chances of earning more from Cryptocurrency. Develop a plan that can work well in your favor and can propel your growth in a short time. Read More: The Profit Revolution: The Best Bitcoin Trading And Investing Platform The Most Critical Year For Bitcoin And Other Cryptocurrencies?

READ MOREDetails