10 ways to save on insurance for seniors

Download 10 ways to save on insurance for seniors

Post on 08-Aug-2015




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  1. 1. 10 Ways to Save on Insurance for SeniorsWhile insurance is considered one of the biggest purchases, the same experiencehappens when you buy other items. You share common experience with buying TV,new car, or other things. Although the method of buying insurance for seniors is notenjoyable, you can still get one if you make a smart move.Often, consumers dont do their job of seeking for the best deal. They fail to study thedifferences in coverage. They dont want to shop for several providers. Learn the 10ways to save money on insurance. As a result, you know youre getting what is best foryou.1. Research for good quotes. Not all online insurance providers give good price. Whatremains useful is getting enough information for the quote. The more information youprovide, the more precise the quotes for life insurance is. The lowest quote you get mustbe your basis to shop around.2. Take good care of your health. Health problem is not giving anyone good lifeinsurance for seniors. Diabetes, hypertension, heart disease, and others are amongphysical diseases that can increase your rate.3. Be a non-smoker. There are high rates for nicotine users and smokers. There areproviders that consider non-smokers if they have never smoked their whole life. Othercompanies require seniors as nicotine-free, anywhere from 6 months to 5 years beforeconsidering them as non-nicotine users.4. Watch your weight. Weight is another big factor to think of. If you are healthy butoverweight, you can be quoted with increased rate. Be aware how your body weighs.If you are elderly with pre-existing medical problems, that condition will exempt youfrom receiving low rates.5. Buy only what is needed. Ask yourself how much money is needed to keep theneeds of your family if something happens to you. Do your dependents have enoughmoney for the education of your grandchildren, if ever their parents cannot supportthem well? The advice of experts is to have policy analysis, at least once every 3 years6. Choose the annual mode of payment. After finding the right type of insurance forseniors, see if you can save more through the annual type of payment. Many insurancecompanies charge additional fees when elderly pay per month. Generally, the fewernumber of payments (fractional premiums) to pick, the fewer it will be for the overall
  2. 2. payment obligations. Besides, some insurance providers charge less if regular paymentsare done straight from your bank account.7. Pay regularly your insurance bill. Seniors will avoid paying more if they are notgiven penalty due to late or irregular payment. Regular paying of bills makes allmonthly payments in fixed amount. So dont incur delays in paying your obligation.8. Ask for a reconsideration for your improved health. Request the provider to re-evaluate your rate as your physical condition improves. It is likely to lower yourpremium even after buying insurance for seniors. It does not mean your luck is gone fora lifetime after being put in expensive rate. If youve been paying expensive premiumsdue to sickness, request your insurance company if its possible to ask for ratereconsideration.9. Get a joint policy. Seniors that are married can take advantage of policy discount thatcovers both partners. Big insurance providers are doing this. If youre thinking for theright person, choose your husband or wife as partner for a joint policy.10. Dont choose the long period for coverage. Rather than buying lifetime insurancefor seniors, choose a period between 3 to 5 years. You will have significant savings.Studies show that the usual stay for nursing home is about 2-1/2 years.