Your Risk Appetite Score

Useful Hints in Finalizing Your Life Policy (Contd)

4. Shopping around
This is a common consumer advice in the open economy, but it can be even more important with insurance. Two different companies can view a person's health and the risk he or she poses very differently. Most companies try to put you in the right slot. But if they make a mistake, you don't want that to be the only one you talked to.

Smart shopping is very important for smokers, especially people who only occasionally smoke a cigar or pipe. While some companies will automatically put you in a less-desirable category with a higher premium. Be prepared to compare policy providers with various deals on rightBETA.com.

5. Alert your doctor
Insurance companies want to talk with your doctor's office and look at your most recent records. Sometimes a doctor can give some perspective to a condition that might look worse in black and white. But a busy doctor's office can sometimes drop the ball and the insurance company will only try so many times before it gives up.
So let your doc know you're applying for insurance. A little advance notice can insure the call isn't overlooked and give you the best chance at a good rating.

6. Start shopping quietly
Similar to a lot of inquiries on your credit, a lot of inquiries on your insurability can throw up a red flag. Instead, choose 9 an agent or broker who can quietly do some informal shopping to narrow your options before you do anything official. It avoids you getting declined or negatively rated.
In addition, if you use several different agents or brokers, let them know you're shopping around. That way, everyone knows what they're working with and it might make them more competitive.

7.  Choose your insurance advisor carefully
Not every agent is up to the task, especially if you had some health problems in the past. if you are dealing with someone who does this a lot, they can help coordinate and shepherd you along because you are comfortable with the process involved. If you anticipate a problem, it’s important to have someone who knows the trade. This can be your 10.agent/broker who knows which companies are likely to give you the best rates and who can talk to underwriters to convey the true risk or lack of risk. The worse your health is, the more this matters

8. Good habits do speak
The insurance companies probably won't ask how many times a week you work out, how many grams of fat you consume or how many glasses of water you drink. But all of those things impact the criteria they will examine. So hit the gym, loose those extra pounds and keep yourself healthy. These things can make a difference for people, not just in getting coverage but in the price you'll get as well. Further, if you want to drop a significant percentage from your life insurance premium, kick the cigs or try to put a dot to it. Smoking can add up to 30 percent to the cost of your life, disability and health insurance premiums according to many insurers.

9. Be honest and  straightforwrd
If you take illegal drugs, you're not going to find an insurance company that wants to take you. If you're a recovering alcoholic, you're probably going to be able to get coverage, but it could be a higher premium. Emphasize, with medical records to back you, how long you've been sober. The insurance company could see you as a risk to them, so the more you can show how unlikely that is, the better for your rates.

10. Prepare for your medical test
In some cases, the insurance company will require either a physical or a short exam by a professional, which can include taking your vital signs and drawing some blood. To get the most accurate reading, schedule it first thing in the morning on an empty stomach. (Obviously, if you have a condition that makes that tricky, talk to your doctor first.) Give up vigorous exercise like that three-mile run 24 hours in advance. Get a good night's sleep. Some experts recommend forgoing your morning coffee, or even water.

11. Follow up on your history
Do your records contain a recommendation for a test that you never got? The insurance company could see that as a negative sign. Have the doctor note in your records that you didn't need it after all or get it done. Otherwise the insurers tend to think that you could have some undiagnosed problem.

12. The cover you contemplate
Work with 11.a professional you trust and have him quietly look into what kind of ratings you would get. Bear in mind that a number of conditions aren't the black marks they used to be. A person who had an open-heart surgery used to be declined in the past. But now they can get regular rates according to some industry professionals.

13. Don’t be afraid of asking “why”
If you are declined or end up with rates higher than you were expecting, find out why. Talk freely to your agent and ask how they have finalized your rating.

14. Don't give up
Don't consider a lower health ranking or decline in the past as indicative of future events. It could be that last time around your agent didn't work hard enough for you, or it could be that today, with new drugs and treatments, your condition wouldn't pose as much of a risk to the industry. And time does heal even in the insurance business. Sometimes, the further you get from a particular situation, the better off you are.

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