The law in most places makes it mandatory that you have auto insurance. Also, getting adequate home insurance is prerequisite to getting a house loan. The place of adequate health insurance is also undisputed. Haven’t you been told that these three are the most important policies? You’ve been lied to albeit inadvertently. So which did you miss you? Join me as I make things clear…
Common sense will agree with this argument: The necessity of a policy is directly proportional to the risk you are exposed to without it. So if the likelihood that you’ll never get sick is 100% you should NOT have health insurance (However, we all know that this is NOT the case). 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. The probability that you’ll be hospitalized at one point in your life stands at 105:1200. However, it stands at 720: 1200 if you check odds that you’ll need long term care at one point in your life. Only one policy has 1200:1200 odds — Life insurance policy (Term life policies NOT inclusive).
But check and ask around. One is almost tempted to say that the most important ones are the least popular. This could only mean one thing: The policies that are most publicized are those that have the highest return on investment for insurers.
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. However, we all know that this is NOT the case.
Long term care is definitely NOT cheap. Due to this the majority prefer to avoid talking about it as if that would change the future. 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. Would you take the same chances if your home is exposed to such a level of risk? But is any property (even your home) worth as much as your life?
The choice is yours. But if you appreciate you really need it but are deterred by the cost, here’s what you can do to pay less…
1. The younger you are when you buy it, the better for you. And don’t forget that you can’t be younger than you are today (However, unless you have a history of debilitating disease in your family or any other good reason, this is NOT a policy you should buy before you’re 45).
2. A good BMI (Body Mass Index) will help you attract lower rates.
3. If you’re a smoker, quit before apply or else you’ll get much higher rates.
4. Avoid all other things that increase the likelihood that you’ll need long term care sooner.
5. As for all things, shop and you’ll save much. Don’t fail to get and compare many quotes. You could save hundreds or even up to a thousand dollars by doing this.
To get more tips, get and evaluate quotes from highly recommended insurers from your home town, go to affordable health insurance and low cost health insurance. Chimezirim a seasoned expert on insurance savings.