Having insurance is a smart long-term investment that helps you manage potential risks.
It covers health care costs, emergency medical expenses, and maintains your present standard of living in case you become disabled or have a critical illness.
For homeowners, it provides protection from theft, property damages, and accidents. It also provides legal and medical costs assistance in case you get involved in vehicular accidents.
To enjoy the benefits that different types of insurance can provide, you have to look for cost-efficient premium offers.
Insurance premiums are basically the cost of your preferred insurance policy. Planning to purchase insurance soon?
Take a look at some of the most common premium offers by insurance companies below.
Life Insurance Premiums
There are several life insurance options for you to choose from, but the most common and easily available would be term life insurances.
Term life insurances guarantee coverage during a specified term.
This type of insurance is affordable, good for young families, and is simple to understand which makes it easier to shop around and compare rates with other providers.
Your health, age, and gender are the key factors used to calculate your premium when it comes to life insurances.
Among the types of term insurance premiums, the most advantageous would be level-premium insurance policies.
In level-premium policies, your premium remains the same all throughout the term of your contract, but the amount of coverage increases over time at no additional cost.
Initially, you will have to pay a higher premium, but as you get older you will be paying less so it is best if you are looking for long term contracts.
Additionally, you can avail of life insurance discounts to lower the cost of premiums.
You can check with your present or prospect insurance company for safety discounts, bundling discounts, group discounts, and loyalty discounts.
Home Insurance Premiums
Aside from being a standard housing requirement, having home insurance is important as it covers you for the cost of property damages caused by a specified number of events.
The basic form of home insurance covers damages caused by fires, vandalism, smoke, lightning, hail, vehicular accidents, riots, and explosion.
If you do not live in an area prone to natural disasters like flooding and earthquakes, then a basic home insurance policy would work just fine.
Assessing your home insurance coverage needs is important in identifying additional coverage and coverage amounts.
To keep your home insurance premium as low as possible, ensuring your property security by installing window locks and burglar alarms is a good start.
This can lead to receiving a home insurance premium discount offer from your insurance provider.
Additionally, you could be able to save on your monthly or annual premium by managing your claims history.
A no claims discount can be availed if you have not made a claim over the previous 12 months.
If you are purchasing a new home, consider your property’s reinstatement value, construction, location, and year built as these will affect the cost of your premium.
Some insurance providers also offer discounts for married or widowed clients.
Bundling with other types of insurance, sticking with a company for loyalty discount, or signing up as a new member for introductory discounts can also be availed to lower the cost of your premiums.
Car Insurance Premium
Car insurance protects you from financial liability when you get involved in an accident.
It also covers medical costs and some property damage to your car.
When it comes to your car insurance premium, your driving history, age, type of car, and credit score will affect your premium rate.
To lower your premium, you can ask your insurance provider if they offer usage-based insurances.
This type of insurance adjusts your premium based on your mileage and how safely you drove during a certain period of time.
You can also bundle your car insurance with your home insurance as many insurance companies offer discounts for having two or more policies with them.
Membership or association with insurance company’s affiliates may also offer you discounts.
Opting to go for paperless billing, paying your premium in full, going for a certain number of years without any violation on your record, completing a driver education program, and having good grades if you are a student are some of the many discounts you can take advantage of.
Depending on the type of insurance, there are several types of premiums for you to choose from.
To get the best insurance premium offer, make sure to review with your insurance agent for available discounts that you are qualified for.