Auto insurance is mandatory if you must drive in most places. Similarly, you can’t get a loan from any mortgagor unless you take out adequate home insurance. 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 what’s it? 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…
The likelihood that you’ll become homeless due to a fire, fire or an act of God stands at 1:1200. The odds that your vehicle will be totaled are 5:1200. It’s 105:1200 if it’s the odds that you’ll need hospitalization in your lifetime. 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 does this represent the importance attached to each? One is almost tempted to say that the most important ones are the least popular. Would we be wrong that each of these policies are promoted based on their profitability to insurers and NOT their usefulness to the customer?
Long term care, life and health insurance policies should definitely be more mandatory and popular than auto and home insurance based the risk an average is exposed to without them. But money seems to have a stronger say than anything else.
Long term care is expensive. 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 who’s fooling who?
With the exception of the very rich and those who are so poor and so are eligible for Medicaid, it’s definitely a risk everyone should get protection against. Look at the data provided above and check if you’d be a wise person to stay without insurance even the risk of losing your home stood as high as 60%? But is any property (even your home) worth as much as your life?
It’s yours now to decide. If you want it but want it a the lowest rate possible, apply the following tips…
1. Buy it while you’re young. Younger people pay far less.
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. If you want the best rates you’d have to comparison shop. Don’t fail to 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.
Are you tired of spending too much for little? Following are pages that you’d do well to visit: affordable health insurance and low cost health insurance. Chimezirim has many sites that teach you ways to pay less on insurance.
Tags: health, health insurance, insurance, life insurance, long term care insurance