As the New Year begins, many Americans will be looking at their finances and evaluating the best way to save money. Here on Gajizmo, we have provided tips on the best way to save money across different areas of your life. While it is beneficial to be frugal, most Americans are making the mistake of opting not to purchase any sort of health insurance.
This is despite an Insurance Barometer Study showing that 84% of respondents agree that most people need life insurance. The study emphasized the problem in the U.S. by noting how 41% percent of Americans – nearly half of the insurance-qualified population – have not bought life insurance.
The reason for this is that many Americans find premiums too expensive and as a result, they simply say no to life insurance. However, this mentality is wrong. Sure, life insurance will cost you, but not a fortune. If you are proactive in saving money, and we have pointers on easy ways to save money if you need help, then affording health insurance shouldn’t be an issue. To help out we have provided five practical tips that could help slash the costs of your premiums and keep both your body and bank balance healthy.
The life insurance industry is extremely competitive, and you can use this to your advantage. Don’t settle for the first insurance company you see; instead, do your homework and look for the best possible insurance at the most affordable rate. You’ll be surprised to find out that you can get the same policy for less if you are diligent enough to compare what each company offers.
The ins and outs of life insurance – terms like net cost index, fractional premiums or renewal guarantees – can be tricky and difficult to completely grasp, so it doesn’t hurt to get some professional help. Ideally, you can consult a relative or acquaintance who knows the inner workings of life insurance.
In certain cases, you will have to seek help from a professional. In this case, you will have to pay extra for the expert advice you will get, but it will be worth it in the end once you get the right health insurance for you.
Tech Crunch’s Katie Roof says that health-conscious people should pay less for life insurance, and points to a startup called Health IQ, which is helping people who follow a healthy lifestyle get better premiums. Unlike most health insurance policies, Health IQ calculates its rates on a person’s lifestyle rather than family history.
For example, Health IQ hero Ray Carroll qualifies for insurance despite being a diabetic. The 42-year-old is now living to keep both his weight and type-1 diabetes under control. Carroll not too long ago was overweight, and his diabetes was spiraling out of control. In a conscious effort to turn his life around, he began making healthy choices. He started eating right, lifting weights, and soon, running races. If you follow a healthy lifestyle, finding an insurance policy like this could save you a lot of money on your insurance.
Ask For Discounts
The verse “ask and you shall receive” is not always true in real life, but there is certainly no harm in asking life insurance companies for discounts. Believe it or not, some carriers do agree to such requests, so go ahead and ask away. Health insurers want to keep your services so it may pay to see how much they can offer you when pushed.
If you already have an existing plan, you might want to heed Angela Nielsen’s advice and stick to your carrier and make policy adjustments – unless, of course, you are faced with a drastic rate increase. The Connecticut-based insurance agent explains that carriers give policy holders credit for showing loyalty to their previous carrier, so when they do decide to transfer, they will do so with a desirable rating, which then means you will get better, more competitive rates.