More About Shopping Around. Part 2

Health insurance is usually the most costly one, so it makes sense to make it a priority in your payment plans. The legacy left behind by the previ­ous president has unfortunately brought down the activity on the medical insurance market. As a result, the costs of medical insurance are not likely to decrease in the near future. Hopefully, the new administra­tion will find a way out of the current situ­ation, but as of today, your choices at this particular sector of the insurance market are quite limited. My advice therefore is to seek the expertise of the insurance agent. Even if you have already selected the insur­ance that provides a suitable deductible, co-pay, out-of-pocket, and premium, keep shopping around. The process is similar to that of the auto insurance: forward your medical insurance to the companies you trust and compare their quotes. I’m always prepared to offer assistance in analyzing the results of your shopping around.

The market of Life insurance looks much more simple and optimistic. According to the WHO (World Health Organization), United States is not among the top ten countries with the highest level of healthcare services. However, it is the leader in the steady increase of the lifespan, the fact that WHO intentionally overlooks because once they admit it, their method of evaluating the level of healthcare services will prove inconsistent.

In the Life insurance industry, the in­creasing lifespan has an obvious tendency to decrease the amount of payments in case of a client’s death which, in turn, results in the increase of the company’s profits. This enables the company to lower the cost of its Life insurance. The situation has gotten so much better that today, if you purchase a new Life insurance at the age of fifty, you will have the same coverage and pay the same cost you had paid ten years ago being ten years younger.

Something to remember: the government fully covers Death benefits up to $500K per person, so when you purchase a policy within those limits, you don’t have to overpay just for the established name of the company. Look for the insurance companies on the Internet and don’t pay too much attention to the com­pany’s name or its current rating. I’m always happy to help you in your search.

The insurance policies mentioned above, – Life Insurance, Medical Insurance, Automobile and Home Insurance – are important to have and should be purchased by every family. If you want to know how optimal the insurance policies you have chosen are, consult a pro­fessional. It is also worthwhile having a plan of reviewing your policies in accordance with the changes in your family situation and those on the insurance market.

Neverever fail to follow the simple rule: market means shopping around.

To sum up, I would like to mention one more problem we haven’t touched yet even though many of us have to face it at some point. I mean an interrupted income. Regret­fully, insurance business doesn’t offer a prod­uct capable of protecting us in such situation. So it’s up to us to decide how we can protect our family and our budget in case the inter­ruption of income happens. It’s an important topic which I intend to discuss in greater detail in one of my following articles.

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