ITS ALWAYS A GOOD TIME TO SAVE INSURANCE PREMIUM DOLLARS
Henry Montag, CFP, CLTC | November 13th, 2008Whether you’re an individual or a company saving premium dollars is always a good idea only sometimes we don’t look as closely or care as much when
times are financially less troubling than they are today. Ive been in the Insurance business for 32 years and it goes without saying that when the price of our homes and investments are increasing in value people are less inclined to go out of their ways to look for ways to save money on their Insurance expenditures. However as soon as we hit an extended bump in the road that makes us feel a little or a lot less wealthy then people are very interested in doing what ever they can if it will reduce their annual expenditures.
It seems we’ve been hit with one of those times right now and as if right on schedule clients and prospective clients are seeking ways to save premium dollars on their life health and disability Insurance costs. This can occur in several ways as a result of several important factors. People are living longer , and insurance companies are obtaining more and more information about the current and future potential health of proposed insureds. As a result they’re making better more informed underwriting decisions which have significantly reduced their risks and subsequently their paid claims. When this happens the relative cost of insurance that the Insurance companies charge for Insurance today is less than what that same risk cost say 10-20 years ago.
As a result if a person is in relatively good health today it makes a great deal of sense to do a comparative cost analysis comparing your older term or universal Life Insurance contracts with the cost of a similar life Insurance contract today. You’ll be very pleasantly surprised as to the size of the savings you may realize. In many cases you’ll find that it is well worth the effort.
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Tags: cfp, disability insurance, health insurance, henry montag, insurance, personal insurance, reducing risk, retirement planning
About the Author: Henry Montag is an Independent Certified Financial Planner as well as a CLTC. He’s been in practice since 1976 with offices on Long Island, New York. He is a contributing writer for The Moneypaper, a national financial publication, been my sourced by Investors business Daily, Long Island Business News, Newsday, Wall St Journal, The Moneypaper,Investment News, Senior Lifestyles and has held insurance and securities licenses for over thirty years.
