Life insurance and health often go hand in hand when it comes to determining what level of coverage and what life insurance prices you will be offered for your protection. As a rule of thumb, the better your health, the more coverage you will be able to get at a reasonable monthly premium. This is why people often recommend you shop for your policy when you are still young before your physical stamina has had a chance to decline. Fortunately, if you are a late shopper there are still plenty of ways to get a good deal on your life insurance and health coverage.
Paying Bills with Your Policy
Your life insurance and health coverage will cover most if not all of the medical expenses you encounter throughout your life. Before you sign up for either policy, however, it is important to know which expenses will be covered by each agency so you are not double-buying coverage or leaving yourself without protection you will need. Typically, everyday expenses such as prescriptions, annual visits to the doctor or treatment for illnesses will be covered by your health insurance, but there are some cases where your life insurance and health companies will work together to get these bills covered.
If you have an illness that is often fatal or a severe disability that will require you to stop working, your life insurance will often step in and pay you a portion of your benefits to help cover the costs. This may include paying for long stays in the hospital that prevent you from working, hiring live-in medical staff to care for you in your home, or helping you move into a rehab facility if you no longer have the ability to live on your own. Typically, to get this much coverage you will need to purchase extra provisions that specify that these types of incidents will be covered. If you are concerned that you will need this type of protection later, be sure to talk to your agent about what riders you will need to purchase to get what you need.
Getting a Better Price
If you have had trouble finding a life insurance and health organization that is willing to take you on as a client or you are concerned that the prices you have been offered for coverage are higher than you were hoping to spend, there are ways to get the price of your plan lowered. Typically, anything you do to improve your quality of life will be seen as a good sign by your insurance company. The more you do to maintain your health, the more likely it is that you will be a customer for a long period of time, making you an attractive investment.
Many life insurance and health benefits that are offered through your employer offer the opportunity to sign up for "preventative maintenance" routines in exchange for a lower monthly premium. This can include anything from seeing a personal trainer or diet specialist to meeting with a counselor to help you manage stress. Most companies have a list of these options readily available so if you are willing to put the work into improving your personal health, ask your life insurance agency what options they offer.
If your life insurance and health company does not work with health agencies to give you discounts, there is nothing to stop you from getting in shape on your own. If you start your own diet and exercise routine or give up unhealthy habits such as smoking or eating fast food, the results at your annual physical will improve. You can turn these results in to your life insurance company and it is quite likely that you will be offered a better price on your coverage to reflect your change in stamina.
As a general rule of thumb, the longer you hold your life insurance policy without needing to use it, the less likely it is that you will be subjected to increased rates. Many companies offer higher rates to older customers because your health declines as you age. However, if your decline is minimal and does not affect your ability to do as you please, then you can expect that your life insurance and health coverage will remain largely untouched as you get older.
Doing what you can to improve life insurance and health coverage costs is important for financial success, but it is more important to maintain your overall physique for your own benefit. The more you work at staying in shape, the less you will have to deal with painful medical issues or the difficulty of realizing you can no longer do the things you used to. Being able to live each day to the fullest is its own reward.
Benefits of Term Life Insurance
- Long-term financial safety
- Coverage for any final expenses
- Significant death benefit
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Source: http://www.termlifeinsurance.com/life-insurance-and-health.html
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