Do I need Life Insurance if I already have a policy through work? How much does Life Insurance cost? How can I save money on my Life Insurance premium? How are Life Insurance premiums calculated? Will I have to get a Medical Exam?
If you are confused by all the questions, don’t be. September is National Life Insurance Awareness Month and Balanced Care promised to answer some of the most frequently asked questions. Here goes:
Do I need Life Insurance if I already have a policy through work? Many people do have Life Insurance policies through work provided and paid for by their employer. Many of the people that have a policy through their employer feel that the coverage they have is sufficient to provide for their loved ones in the case of an untimely death. The truth is that in most cases the coverage provided by the employer is equal to between one to two times the annual salary. This amount would be quickly exhausted after the death of a breadwinner. Purchasing additional Life Insurance coverage will bring additional protection and peace of mind to loved ones left behind.
How much does Life Insurance cost? The cost of Life Insurance depends on a number of factors. Age, family history, health history, and the type of plan are considered in calculating costs. For instance, a person that is 30 years old will be much less expensive than that of a 60 year old. The health of a policyholder is a part of the calculation and can be rated higher if that person has had health problems. As with any product or service that is purchased, you must shop around and look not only at the rates, but the medical underwriting as well. Balanced Care will ask you several questions so that we may shop around for the better rates and plans for your specific needs.
How can I save money on my Life Insurance premiums? The best way to save money on Life Insurance premiums is to shop around for the better rates. Balanced Care shops for you to save you both time and money. Other things such as staying healthy, keeping fit, getting plenty of rest, and eating right can help to reduce your premiums. Lastly, if you smoke, stop. Quitting smoking will not only help you with your health, but reduce your Life Insurance premiums as well.
How are Life Insurance premiums calculated? Calculating Life Insurance premiums is actually very straightforward. All insurance companies use actuaries to create special tables called actuary tables. These tables are created by studying mortality statistics from around the world and in your area. With this data in every insurance companies hands, they are able to classify every policyholder and that classification is used to calculate your premium.
Will I have to get a Medical Exam? Life Insurance is a very serious decision for both you and the insurance company. Both of you have a serious stake in the matter and most insurance companies will want to see proof of your health to insure you. Because of this, many insurance companies will require some sort of medical exam before the policy is issued. This can include asking more medical questions about you and your family, taking your height and weight, bloodwork, urine samples, and other diagnostic testing such as a resting EKG. Medical exam requirements vary from insurance company to insurance company which is why Balanced Care asks you questions and will shop for the better rates and plans. For instance, one insurance company make look at high blood pressure much differently than another. One company may increase the premium while the other doesn’t.
Because Balanced Care is a broker and doesn’t work with just one insurance company, we have your best interests at heart. We know what each insurance company requirements are and are dedicated to making sure that our quotes are the best for your specific needs. If you have any questions yourself, please don’t hesitate to contact Balanced Care today.
Terri Trepanier is the Owner of Balanced Care and a licensed insurance broker in New Hampshire and Maine. Located in Rochester, NH, she specializes in helping individuals and businesses with their Health Insurance, Dental Insurance, Life Insurance, Disability Insurance, Long Term Care Insurance, Medicare Supplemental, Medicare Prescription Drug Plans, Accident, Critical Illness, and Cancer Plans. Terri knows the importance of insurance products and how they help individuals and families. She continually strives to give her clients the Peace Of Mind that each of us deserves.
Balanced Care – Providing Balance, Security, and Peace Of Mind