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Discounted Life Insurance Better Value For Customers

Mar 29, 2008
There are definitely differences in life insurance product quality and service. In theory, life insurance providers offer fairly straight-forward coverage. However, the terms of coverage and honesty about payout procedures can differ greatly from one provider to the next. Even with the differences in coverage quality and services, premiums are still an important determinant for customers. Brokers are great resources for customers looking for the best insurance costs. Discounted life insurance can significantly increase the perceived value of protection in the minds of customers.

There are many factors the impact the availability of discounted life insurance to a coverage seeker. Age is one of the most important factors that impacts life insurance costs. Although customers cannot change their age, younger customers benefit from a perceived lower risk of coverage. This is obviously due to the greater likelihood of the customer living long enough for the premium payments to add up and offset the cost of a payout upon death.

Smoking is a negatively perceived life behavior that can add to the monthly premium costs an insured customer pays for coverage. Discounted life assurance products are much more accessible to non-smokers. Other health factors are widely considered with regard to product offers, including alcohol consumption.

Many discounted life insurance products require blood tests, physicals, or thorough physical exams. Companies are more willing to offer discounts to customers when they have evidence of their health risk. Physicals typically include blood pressure tests, pulse rate checks, and tests of other important and common health factors.

Many life insurance carriers heavily promote their discounted products in order to entice unwitting customers to explore their products. Discounts that appear too good to be true often are too good to be true. Brokers or specialists that look out for the best interests of customers can help customers avoid offers that would not meet the customer's needs. Some discounted products have specific requirements or limitations that eliminate many customers from the ability to receive the discount.

Customers can provide brokers with background information and basic health data that enables them to narrow down the possible products that offer the best coverage for the individual customer. This helps life insurance shoppers be more efficient in selecting the appropriate solution and avoid the pitfalls of misleading discounts or rate promotions.

Discounted life insurance is great for life insurance customers who can offer a great health background to insurers. The more healthy the customer, the less risky of an investment he or she presents to the insurer. Women usually get better rates on life insurance than men of comparable age and health conditions. Since women have a longer life expectancy, and generally engage in less risky life behavior, therefore insurance providers often offer more discount to them. Occupation is another consideration that impacts availability of discounted life assurance for individuals. Jobs that are defined by more dangerous activities and have a higher rate of injury or illness pose a heightened risk to insurers and consequently increased premiums in some instances.
About the Author
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.
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