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Wednesday, May 23, 2012
unique car insurance
The insurance industry has changed significantly over the years. Rates have come down drastically and today many insurance companies are even willing to accommodate people with impaired health and offer coverage to just about anybody! Of course, the higher the risk you pose to insurance companies, the greater the premiums you will have to pay. The brighter side to all this is that no matter what kind of risk you pose to a company you'll probably find a company willing to offer you coverage.
We're talking about people who have had bouts with cancer or major surgery, live with diabetes or heart disease. People with such impaired health risks were denied coverage in the past, but today, you'll find companies not only willing to cover them but cover them at affordable rates. According to statistics, over 90 percent of those who apply for insurance are able to receive coverage. The reason why the small ten percent is denied coverage is because of a history of substance abuse or their engagement in high-risk sports such as sky-diving or car racing.
Life Insurance Companies Work to Give You Low-Cost Insurance
Underwriters of insurance policies today grade people according to the risk they pose to the company. Obviously, the best life insurance rates are reserved for people who are expected to live a long and healthy life. But say for instance, you've had a heart attack and were required to undergo bypass surgery. Your cardiologist thinks your life span has actually increased due to this surgery which should entitle you to better life policy rates. Provided you live a healthy lifestyle and keep a heart-healthy diet, he believes your chances of living longer have actually increased compared to your chances of dying without an operation. But underwriters look at life expectancy a little differently. They will project an estimated life span taking into consideration the average lifespan of people who have had bypass at around the same age you did. They'll gather other data to arrive at the most probably age you will die and then calculate their risk of insuring you. Your term life rates will be calculated in such a way that the company is able to cover the projected risk of insuring you by hiking your premiums to so that your risk is covered within the probable date you are expected to die.
Another not-so-well-known fact is that different companies use different underwriting systems. Some companies specialize in giving more favorable rates to people who are obese, have had a stroke or suffer from cancer, diabetes, depression, heart disease or other health impairments. You'll find that some life insurance companies are more favorable to certain health conditions. For instance, some companies who specialize in cancer will go out of their way to accommodate low-cost insurance rates for those who have undergone cancer operations but have a healthy prognosis.
What you can do to get low-cost life insurance
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