Saturday, 21 May 2011

Reduce life insurance premium & increase sum assured

When you join with a life insurance policy, you have to fill out the application form from the insurance company. You must fill out all the details politely. The claim on your insurance policy may be rejected when your legal hires approach the insurance company for the claim, if your death occurred in between the insurance term. So you must fill out all the details with true and correct information. You are insuring your life for protecting your family form the possible monetary loss may be occurred in the event of your untimely death.

You can reduce the life insurance premium up to a certain extent or can increase the coverage, if you lead some healthy habits. Let us see which habits and realities affect your life insurance premium.

Smoking habits. You must have seen that the statutory warning over all cigarette packets that cigarette smoking is injurious to health. It says that each puff you are taking in reduce your life span a few minutes. Any way the habitual smoking is not good for health. Insurance companies also value this statement and you have to pay a high premium for this habit.

Healthy life style. If you lead an unhealthy life style and the outcome may be overweight, obesity, High blood pressure, low blood pressure, diabetics, high cholesterol etc can reduce your life span and can control by changing your life style and food habits. Insurance company cannot ignore these factors and the premium may be high if you have any of these problems. The insurance companies may rethink or may advise medical checkup for these cases and can increase the amount of premium. So control these factors by proper medication and by keeping proper life style.

Be a good driver. Life insurance companies also may check your track record as a driver and if they found that you are a dangerous driver they may reject the policy or may increase the premium amount. So be a safe driver and protect you and others form any dangerous situation and also reduce your life insurance premium.

Family health history. You might be noticed that the insurance agents ask you about your parents, siblings etc. and if they are not alive, the reason and age of death etc. They have to know your family history about any hereditary diseases such a heart attack, diabetes, strokes etc., which may happened to you also and may affect the amount of premium. These matters you cannot control. But you have to reveal it to your insurance provider.

Your own health history. You have to inform the insurer about your own health history such as major illness, Major surgeries etc., may be happened to you. If you hide these details also may reject the claim of your life insurance.

Your profession. Some professions may attract accidents and insurance companies charge a high premium for these cases. Here you have to reveal your profession and do according to the direction of insurance companies.

You must have heard that nothing to be hiding from doctors and advocates. Here you should not hide any formal quires in the life insurance policy application form to get proper claim and also to reduce or charge the correct premium amount. But you can control some of them and can enjoy a less premium and a high life insurance cover with low premium.

Reduce life insurance premium & increase sum assured

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