My insurance story: Million dollar Trip

Insurance feels good. Yeah, I said it. It feels really good when you're on the floor, in a fetal position, crippled by pain. Last summer while I was going for a bike ride with my friends I met with an accident which has brought me to my knees in pain. Everything about this was the worst. Except for my insurance. I love motorcycling but naturally I hate going down. I've been fortunate, but have ridden with many less so. I have the worst in mind at least once a minute. Sharing stories is how I stay alert.

I have many near misses I could recount, but this one came after I thought I'd seen them all.

Back to the insurance in a moment. First some highlights of what the worst is like, for you lucky readers who've never experienced pain of broken leg and the ambiance emergency room

A day passed and so did with the broken leg. 

For me, life continued as usual - thanks no small part to having good health insurance (and knowing that I had good health insurance). However, for some unlucky folks in the Emergency Room with me, that wasn't the case. In between my waves of pain, 

Going to the Hospital Now a days is terrible. Not having the right insurance that day is even worse. At Moneymindz.com we want to make sure everyone has the right insurance to cover these unavoidable bad scenarios. Be on the lookout for new health insurance tools to make sure you're not surprised by any coverage gaps. We at Moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 to explore our Free financial Advisory Service. we are not a seller of any financial products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products. 

I overheard a number of conversations between the Hospital administrator and patients about their insurance. People already gripped by pain and fear had to explain they didn't have insurance.

For these unfortunate people, the pain was only beginning.

If I had been uninsured, something as innocuous as a broken leg would have cost me more than 1 lakh in that surgery of my leg. But even with insurance, you could find yourself in a tough spot. . And 78% of those who filed for bankruptcy had health insurance! But they had gaps in their coverage (like high deductibles or limits on benefits) or were too sick to work and lost their health insurance as well as their income (which you can protect against with disability insurance.)

Are Most Life Insurance Policies Overpriced?

Term life insurance policies are actually pretty affordable for most people when you consider the level of financial protection it offers. Obviously, your monthly premium (and what you consider “affordable”) will depend on your individual circumstances and your budget. The term life insurance industry is very competitive – with a lot of different life insurance companies competing for consumers – which makes pricing pretty efficient and compresses margins.

When people are skeptical about overpriced life insurance policies and high margins and commissions, they’re usually thinking of whole life insurance policies. Unlike term life insurance policies, which have a set end date, whole life insurance lasts for as long as you pay the premiums. Instead of just being a straight insurance policy, there’s also a cash component that is basically a savings vehicle and can gain (or lose) value. This sounds great, but all of the involved fees can cause whole life policies to cost up to four times as much as a comparable term life insurance policy. 

(Are Most Life Insurance Policies Overpriced? )

Generally speaking, you can usually get a better return by investing the difference on your own than relying on the cash value component of the whole life insurance policy. But, as always, there are cases where whole life insurance is an appropriate financial instrument (which is usually the case for people with more complicated estate planning needs).

To give you some background, here’s a general overview on how pricing for term life insurance policies works, and how you can lower your own rates if you feel a policy is overpriced for your budget: 

• The life insurance carrier wants to see how risky you are to insure – what the likelihood is that you’ll die during the term of your policy. If you lower that risk, you can lower your rates. For most policies, the carrier will have you take a quick medical exam, so being in good health (low cholesterol, low blood pressure, etc.) will help lower your costs; they’ll also check your motor vehicle record, so the fewer violations you have, the better. 

• Using an Financial Advisor like moneymindz. We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 or Visit MoneyMindz.com to explore our best_Free_Advisory_Service. We don’t sell of any financial_products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products. 

I’m well aware of the the stigma against life insurance and its agents, and it’s one of the ways we’re trying to change the conversation at