Factors Contributing To the High Costs of Over-50 Life Insurance

By Imma Sila

Life insurance mistakes could easily cost you a substantial amount of money in the short and long run. If you have attained the age of 50, it is wise to consider investing in an affordable over-50 life insurance policy. Once you get the right policy, it is important to avoid letting the policy lapse because you will end up losing your hard-earned money. Furthermore, you may be not lucky to have it reinstated at competitive rates. Some of the factors that contribute to high insurance costs include:

· Giving wrong information

Many of the applicants often choose to tell a "white lie". They feel failing to give honest answers is not such a big deal, particularly when the non-disclosure or lie is likely to save them some money. However, this is likely to end up being a costly mistake. Although you may initially get away by paying lower premiums, the facts are likely to emerge later. The company can consider the policy to challenge the assertions. Therefore, is you claimed you were 20 pounds lighter and 2 inches taller, the company can review the rates upwards. In a worst-case scenario, the service provider can deny you the policy, leaving you without coverage. You also end up losing the premiums you had paid.

· Choosing a no-medical insurance

It is possible to get insurance without a medical examination. However, choosing the no-medical exam policy means paying higher premiums. You can save yourself a substantial amount of money by choosing the traditional insurance policy that requires a medical exam. If you have a problem scheduling for a medical checkup with your doctor, many of the insurance carriers can send a professional to perform the necessary tests, including measuring your weight & height and drawing your blood.

· Poor health habits

If you support poor health habits, this is likely to undermine your quality of life and drive upwards your medical costs. Furthermore, this is likely to translate into higher premiums. Indeed, if the company assesses your circumstances are concludes you are likely to die soon; you will be required to pay higher premiums. To benefit from lower premiums you should avoid poor health habits such as heavy drinking, smoking, taking drugs, overeating, not exercising and working in a job deemed dangerous.

· Using an inexperienced agent

An inexperienced non-independent insurance agent may not carefully evaluate your financial needs. Furthermore, he/she may not know how much of your budget should be allocated towards your insurance coverage. As a result, you will end up buying a cover the agent chooses at exorbitant prices.

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