Ways Of Decreasing Your
Personal Insurance Premiums
by Peter Kenny
Health and medical insurance are two of the most popular types
of personal insurance for which consumers look for so that they can have the
coverage they need when they become ill or are injured in an accident of some
kind. There are also other forms of personal insurance available to meet various
needs, such as travel insurance, life insurance, vehicle insurance and critical
illness insurance, to name just a few. Whatever type of personal insurance you
choose, it does give you peace of mind that you and your family are protected if
something happens that will affect your income and your savings. If you have
health of medical insurance, you know that if you need treatment, the insurance
will pay for the bulk of the costs involved. With life insurance, there is no
payout until after you die, but you do know that your family is well protected
after you are no longer there to provide the monthly income.
There are many different factors that determine how much your premium costs will
be for any one insurance policy. Each policy has its own requirements and you
can choose a level of coverage to meet your needs. Your individual lifestyle and
your occupation are just two of the factors that help determine how much a
personal insurance policy will cost you. Other factors include your age, your
health and your gender. The younger you are when you take out one of these
insurance policies, the cheaper it is likely to be because the likelihood of you
falling ill or dying at an early age is much less than if you are older.
One of the first questions you have to answer when you apply for a health or
life insurance policy is whether or not you smoke. If you answer 'yes' to this
question, then you are automatically in the higher category of risk and will
therefore pay a higher cost for the insurance over a non-smoker. Smoking has
been proven to cause a variety of health problems and there is an increased
chance that you will develop lung cancer or heart disease if smoking is part of
your lifestyle. This means that you are an increased risk to insurance companies
because it is highly probable they will have to pay out the cover on your
insurance.
Your weight is another factor that affects the costs of insurance cover
premiums. Thos who are overweight are more likely to have health problems
related to their weight than those who are just the right weight for their
height. Weight factors into the calculation of insurance premiums because of the
higher risk that insurance companies are taking by approving the policies.
You can drastically reduce the costs of your insurance if you take steps to make
changes in your lifestyle. This includes such things as quitting smoking, losing
weight and leading an active lifestyle. Taking walks each day or joining a gym
or health club can go a long way in helping your reach your goals of becoming
healthier and at the same time lower your insurance premiums. If you do make a
change in your lifestyle after you have taken out a policy, make sure you inform
your insurance provider so that adjustments can be made in the price of your
policy.
Peter Kenny is a writer for The Thrifty Scot, please visit us at
http://www.thriftyscot.co.uk/Loans/Personal_Loans.html and
http://www.thriftyscot.co.uk/Loans/Secured_Loans.html
http://www.thriftyscot.co.uk/012009/dont-get-trapped-by-debt.html