Buying insurance is an important step to secure your
family’s financial well being. While you decide on a suitable insurance policy,
it is wise to consider a few ways to minimise the cost of the insurance without
compromising on the coverage and benefits. Read on to know how…
Buy insurance online
Generally, buying an
insurance policy online is more cost attractive than buying the same policy
through an insurance agent or by visiting the company office. By selling
insurance online, insurance companies save on costs such as commission,
administration expenses, etc. These cost benefits are passed on in the form of
lower insurance charges to those availing insurance online.
Avail insurance from an
early age
Usually, amidst
other considerations, buying life or medical insurance at an early age
translates into lower premium outflows. Insurance premiums increase as the life
expectancy of the person decreases. As one advances in age, the health risks
increase and life expectancy reduces, thereby, leading to higher risks for the
insurer. Higher risks translate into higher premiums. Therefore, it is wise to
avail life and health insurance at a younger age.
Opt for a Long Term
Insurance Plan
Insurance premiums tend to
increase at an advanced age. Therefore, by opting for a long term insurance
plan, you can enjoy extended coverage at a lower cost.
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