• Home
  • Contact
  • Privacy
  • Business
  • Companies
  • Economics
  • Education
  • Entrepreneur
  • Investments
  • Marketing
  • Politics
  • Markets & Finance
  • More!
    • Science
    • Entertainment
BREAKING NEWS
5 Exciting Careers In The Field Of Aviation
How Learners Are Affected By Written Communication And Presentation Of Work
Tips For Building A Secured Workplace
Easy Article Writing Prescription For Success
How To Cut Business Expenses With Rainwater Harvesting
Writing As A Career: The Many Places You Can Go
The ‘Local Records Office’ Lists The Advantages And Disadvantages Of Purchasing A Mobile Home In Pekin, Illinois
Professional Web Designing and Web Development Company In India
Medical Careers For Moms
Planning A Hassle-Free Office Removal
Work for Your Rights: 3 Steps to Ending Maltreatment at Your Job

Tips To Obtain The Best Life Insurance Policy

Posted On 26 Nov 2013
By : JRO
Comment: Off

Buying life insurance is one of the best decisions that a person can make. Life insurance is a valuable asset that provides individuals with the peace of mind of knowing that if death were to occur, a financial benefit will be made available to allow those left behind (i.e. loved ones and other beneficiaries) to continue and maintain their lifestyles.

When making the decision to buy life insurance, a person should have an understanding of the factors that are considered before the insurance policy is issued. The less risk you present to an insurance company, the lower the premium rate you will pay for the coverage you want. Here are some tips and things that you need to understand about how insurance is priced and what you can do to lower your rate.

Tips To Obtain The Best Life Insurance Policy

Factors That Go Into Rating Life Insurance Policies

First you make an application for a life insurance policy and pay the initial policy premium. The application is then reviewed by the company’s underwriting policy, the area of an insurance company that is responsible for assessing risk and making a determination about your relative health and the potential risk you may pose if your death were to occur before it is expected. The insurance policy application contains a section known as Part II, which is the area of the application that asks for basic and specific medical information.

An insurance company wants to know if you visit a doctor on a regular basis, what your height is relative to your weight, whether you smoke or drink alcohol on a regular basis, and if you engage in certain risk behaviors like driving too fast. All of these factors, when weighed together, will result in you being classified as a premium, standard, or sub-standard risk. Individuals who are rated premium pay the lowest for their life insurance while those at a sub-standard risk pay the most for a comparable level of coverage.

Which Type of Insurance Should I Buy?

One of the ways in which a person can save on their life insurance initially is through the purchase of a lower-cost term life insurance policy. Term, unlike more expensive types of permanent life insurance, provides the same level of benefit for a term of years (typically until age 65). Usually this type of protection can be converted into a permanent plan, providing you with a way to get insurance initially at a lower cost, lower your risk rating, and resubmit through conversion for a cash-value permanent life insurance plan.

There are also blended policies that combine term and permanent life insurance coverage into one policy. These plans can be customized to give you the life insurance protection you desire at a cost that is more in line with your budget.

Ways to Reduce Level of Risk for Life Insurance

It is helpful for a life insurance policy applicant to present the best case for insurance that they can. What this means is that efforts to manage certain risk factors—such as diabetes (weight) or cancer (smoking)—can help mitigate the receipt of a higher rate for an insurance policy. A person who switches to a low-fat, low-sodium diet, as an example, is looked upon more favorably than an individual who eats unhealthy meals. A person who walks or runs, joins a fitness center, and exercises on a regular basis can also present a case that their risk to a life insurance company is lower than that of a similar individual who does not engage in healthy activities.

Byline

Jonathan Harrisburg writes on finance, insurance, business, investing and other related topics. Mobile phone owners looking for additional protection should consider Protect Your Bubble iPhone insurance.

Image credit goes to prov1112004.

No related posts.

About the Author
  • google-share
Previous Story

Utilize The Best Resources To Find The Best iPhone Insurance Cover

Next Story

How To Find The Perfect Financial Planner For You

Recent Posts

  • How Learners Are Affected By Written Communication And Presentation Of Work
  • Tips For Building A Secured Workplace
  • Easy Article Writing Prescription For Success
  • How To Cut Business Expenses With Rainwater Harvesting
  • Writing As A Career: The Many Places You Can Go
  • The ‘Local Records Office’ Lists The Advantages And Disadvantages Of Purchasing A Mobile Home In Pekin, Illinois
  • Professional Web Designing and Web Development Company In India
  • Medical Careers For Moms
  • Planning A Hassle-Free Office Removal
  • Work for Your Rights: 3 Steps to Ending Maltreatment at Your Job
  • Laundry Delivery Service: Startup Considerations
  • Fight the Flu: How to Keep Illnesses from Spreading in a Tightly Packed Office Space
  • 5 Of The Coolest Gadgets In 2018
  • Business Safety: 4 Installations To Improve Your Location’s Security
  • How To Use Formwork On A Construction Site

Categories

  • Business
  • Companies
  • Economics
  • Education
  • Entertainment
  • Entrepreneur
  • Investments
  • Marketing
  • Markets & Finance
  • Politics
  • Science
  • Tech

Archives

  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • October 2014
  • September 2014
  • July 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013

Pages

  • Contact
  • HomePage
  • Privacy