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 Posted: Thu Oct 02, 2008 4:33 am Post subject: Charging premiums for life insurance |
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How do the life insurance carriers arrive at the figure that they are gonna charge us as premiums? Is there any way that I may influence my life insurance carrier to reduce my premiums? Crossbreed
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Crossbreed
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| Posted: Thu Oct 02, 2008 4:50 am Post subject: |
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Hi,
The cost of your life insurance would depend on a number of factors- your age, health and your way of living. People who are older and smoke would automatically need to pay more in terms of premiums than those who are younger and no indulge in smoking. So, these are the usual tips available, but I'd rather wait for any tips that come for the high-risk group. Lets wait for the seniors to step in and reply.
ArindamSenIndies |
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ArindamSenIndies
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| Posted: Thu Oct 02, 2008 5:06 am Post subject: |
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Hi Crossbreed,
You should find out the rate of premium that is charged for every $1,000 worth of coverage. I had learnt that once you have attained a certain level of coverage, then this rate's gotta fall for every additional slab of coverage. So, this is gonna get you the optimum benefit for the least payment. Wish you obtain the best in your life. Regards, Evan |
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evan
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| Posted: Thu Oct 02, 2008 8:05 am Post subject: |
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Hi there..see, there are so many life insurance carriers out there..why don't you choose a nice one to your satisfaction? You'll come across many of these companies who'd just place you under one particular group, wherein all are gonnabe charged with the same rate. But at the same time, there are other carriers who'd charge you after they analyze your individual case. So, over here you'd need to go for a good bit of window shopping..Thanks, Plasticmind
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Plasticmind
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| Posted: Thu Oct 02, 2008 8:25 am Post subject: |
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See...there are other associated factors that raise our premiums through a considerable amount. If we could practice and curtail our ill habits like smoking we are bound grow healthier in the eyes of the carrier. At the same time those who are under the grip of obesity, they might go through more of physical activities to bring down their future insurance costs. I've heard of people who had tried their best to hide their smoking habits from their carrier and in the end had their beneficiaries wash their hands off the death benefits. Hope you'd consider this factor carefully! Caromel_marquez
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Caromel_marquez
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| Posted: Thu Oct 02, 2008 8:36 am Post subject: |
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Hi dear..
I'd rather reduce the number of riders associated with my policy. What I see in today's riders is that most of them would basically repeat benefits for which the insured has already been covered for. On the other hand many of the riders would just cover you for such events which would rarely or almost never occur in your life. Now, it is truly important for you to decide whether you're going for the right opportunity or wasting money unwisely. Think again! ArindamSenIndies |
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ArindamSenIndies
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| Posted: Thu Oct 02, 2008 8:45 am Post subject: |
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| Guys, I think we all are forgetting one other important aspect of insurance which should be a part of this discussion when we have already proposed a fair amount of cost reduction. There could be some hidden costs associated with the premium payments. More often than not we would opt for monthly installments, rather than going for upfront premium payments. If we could just find some time to sum up the different installment amounts, we might get to a figure much higher than what we are paying upfront. We must not forget that our carriers are also over here to do business. Evan |
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evan
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| Posted: Thu Oct 02, 2008 9:34 am Post subject: |
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| Quote: | | So, over here you'd need to go for a good bit of window shopping.. |
Yes, shopping is a must when you're out to choose your carrier. But the only aim for insurance shopping is certainly not about knowing which carrier would consider your particular case, rather you may check out and compare different premium rates available in the market and know which one suits you the best. One good option for you is to surf through the internet, since that would save your time as well as get you all the information at one place. Thanks, ArindamSenIndies |
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ArindamSenIndies
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| Posted: Fri Oct 03, 2008 8:15 am Post subject: |
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We should only consider the purchase if the reducation of premium is not associated with reduction of benefits or coverages.
The most expensive inusrance policy is the one that does not pay.
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