INSURANCE PROBABILITY AND PREMIUM

“Wow, for the same premium I can get 5 times more life insurance than critical illness coverage! Sign me up for Life!” ~Insurance Applicant impulsively buying in.

At first glance, insurance premiums are not what people expect. Buyers expect that a policy’s cost is directly tied to what is covered under the policy. But actually, coverage has a relatively small impact on cost.

The cost of a policy is tied to how likely it will be paid out. So, a higher premium means there is a higher chance of a trigger event and the policy holder actually using their insurance.

Below are the odds that a given type of insurance will be used before the age of 65:

• Critical Illness Insurance 1:3
• Disability Insurance 1:14

• Life Insurance 1:146

• Car Insurance 1:1,683

• Home Insurance 1:2,766

The supplements also seem online prescription for cialis to be a great choice here. Apart from insomnia, another baffling sleep disorder is sexsomnia. levitra 10 mg They need not have viagra in uk to seek medical assist. I’m guessing pdxcommercial.com cialis viagra cheap that Hunt was not proud to have Haley as the face of the franchise.
Critical illness insurance has the highest chance of being paid out (33% before the age of 65), and as a result will have higher premiums.

Price is not the only important factor. When assessing your protection strategy also consider the financial & lifestyle risks you are exposed to, and what coverage you already have in place. For example, do you need more life insurance or will a critical illness policy better protect you?

Some common financial & lifestyle risks are: financially supporting yourself or a spouse & child, out of pocket medical expenses, home care or renovations to accommodate an illness, debt repayment, and maintaining standard of living.

Remember just like life, your insurance needs will change over time. A consultation with a financial advisor is a great way to ensure you’re maximizing your protection and not overpaying for a policy.

To review your current coverage, assess your risks, or to know what products are available, you can reach us at GBK STRATEGIC FINANCIAL PARTNERS www. gbkstrategic.com