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5 Top Reasons Why You Pay More For Your Insurance Plan

We get it – not getting insurance is one of the biggest financial mistakes one can make, whether it’s for health, home, auto, or business. But have you ever thought why some insurance plans are higher-priced than others?

Let’s assume that insurance plans are similar to loans, where lenders are threatened by borrowers with bad credit history, anticipating great possibilities they won’t be able to repay. While lending companies still approve their loan, they give high-risk borrowers higher interest rates and more expensive loan options. Relatively, insurance companies assess their clients’ age, lifestyle, and medical background and look at the risks they’re likely to face in the long run.

Actuaries assess and manage risks for financial investments and insurance policies. These professionals use math, financial theories, and statistics to forecast how likely their clients are to file a claim. The higher you’re likely to file, the higher your risks are, and the more they can validate charging you higher insurance premiums.
There are certain factors that comprise your risk profile, so expect to pay more if:

You have (or are likely to have) health issues

  • To determine health coverage risks, here are some of the questions to ponder:
  • How old are you?
  • How often do you consume tobacco and/or alcohol?
  • Do you work in a toxic, injury-prone environment?
  • Are you overweight?
  • Does your family have a history of certain medical conditions or ailments?
  • Have you been diagnosed with a serious illness in the past?
  • Or, are you currently battling with an illness which requires medicine maintenance and hospitalization?

Age, weight, vices, work environment, and illnesses are factors considered. Upon completion of the underwriting process, the insurer uses a rating table to match the amount of assumed risk with the premium required for the coverage. So it’s safe to say that physically fit clients with cleaner, healthier lifestyles and working environments tend to be approved of cheaper insurance plans than clients with the tendency of getting ill.

health insurance advice

High-risk clients aren’t immediately denied yet they’re offered more coverage, which means higher premiums. However, skimping on health insurance and opting for low-premium plans may do more harm than good in the event you actually face a serious illness or injury. Cheaper plans are less likely to cover maintenance medications and frequent doctor visits and your savings may be wiped out by your out-of-pocket costs.

The more you pay, the more coverage you get and the less you’ll need to dig out from your pockets. Try to assess the total cost of care including your medications and must-have medical specialists before choosing a plan that meets all your needs without requiring you to cover hefty deductibles. Ensure the plan covers your medications and includes your must-have medical specialists.

Your history of claims are hefty

insurance claims
Home insurance and auto insurance plans are best examples. If you’re currently insured and you’ve made a lot of claims, insurers assume you’ll file another claim and thus, increase your premiums. Your rates may go up based on your history of claims, even if you weren’t at fault for the damages. Statistically speaking, you still pose a higher risk.

You may be thinking, “will rates automatically go up if I make a claim?” Well, it depends on who or what is at fault. For example, the rates for homeowner policies won’t automatically increase after a single claim. However, two claims within three years probably will trigger the increase. Most companies may also not raise rates if the claims are results of severe natural calamities.

You have a poor credit file

Lending companies aren’t the sole organizations concerned about your credit score. Insurance companies also evaluate your credit history to estimate your level of risk. Insurers, however, look at credit scores for a different reason.

Car insurance brokers, for instance, have determined that people with lower credit scores are more likely to get into accidents than individual with higher scores. For that matter, they charge more – another valid reason to look closely at your credit score and strive to improve it.

You have a shady driving record

shady driving record
While it’s a no-brainer why driving records affect the rates of your car insurance premiums, it’s interesting to know that those driving violations can also affect your life and health insurance.
The more driving violations you have (including speeding, reckless driving, and driving under the influence), the higher you’re prone to auto fatalities, which means insurance companies have a greater chance of paying out. There are instances when serious violations, like driving while intoxicated, won’t even allow you to get approved for any coverage.

You live in a high-cost location

If you move to a different location, you may see your insurance premiums boost even when you have a clean driving record and healthy physiological state. Insurance rates, like in the U.S., can increase depending on zip code, the cost of medical care in the area, and population health factors.

One way to lower your insurance premium rates is to accept more financial responsibility and increase your deductibles, or the sum of money you pay out of the pocket before the insurance company pays for the rest. By lowering their loss reimbursement cost, insurance companies could charge less for the coverage.

Author Bio:

Carmina Natividad is one of the enthusiastic writers for Insurance Adviser, one of the largest and most credible General Insurance businesses in Australia and New Zealand, providing high quality risk management advice for business owners.


Health and Safety in the Tattoo Parlour

It goes without saying that health and safety concerns are an integral aspect of all tattoo parlours. Most of the tattoo artists are well acquainted with this fact and thus they take a conscious effort in acting accordingly. However, the truth is not all tattoo parlours are safe and hygienic and this can hamper the public perception of tattoo artists dearly. Especially with the rise of cheap Chinese tattoo equipment.

Maintaining the health and safety in tattoo parlours is not just a way to curtail risk of infection, but also to avert the transmission of diseases through needles. By constantly thriving to improve the standard of hygiene, you can also help in enhancing the public’s perception regarding tattoos, busting myths and maybe even convert the uncertain and unsure people into getting inked!

Public Perception

Once upon a time, tattoos were looked down on and were restricted to certain types of people. But, these ideologies are long gone now and the popularity of tattoos has gained significant momentum and it does not seem as though it will slow down anytime soon.
cheap tattoo equipment
Maintaining the cleanliness of your premise is another vital aspect that you must pay serious attention to as it will help exude trust and give off a promising good first impression.

Here, measures upholding health and safety can go a long way to help a tattoo business grow tremendously. It is not just the reduced risk of infection that is beneficial to both artists and clients alike, but also how it educates the public about the safety of tattoos and piercings.

Hygiene Rankings

For a very long time now, it was considered that tattoo parlours should be ranked according to their hygiene standards. In the light of the ranking scheme, a tattoo parlour in the UK volunteered to be graded according to its health and safety standards thus becoming the first in UK to receive such a rating from the Tattoo Hygiene Rating Scheme in 2014.

Following this, some UK councils introduced a hygiene rating system for piercing and tattoo artists with the sole intention of broadcasting transparency to the public at large and thereby promising great standards of health and safety conditions.

This means that customers can see for themselves the certificate stickers that specify that a tattoo parlour does indeed follow hygienic practices, meaning this is likely to drive more clients. A study has showcased that out of 168 people, 93% of them would only go to a tattoo parlour if it has received the highest mark in the hygiene rating.

The majority of the tattoo artists are in agreement that this is a good thing, with around 80% considering that it would enrich and improve their businesses.

It is crystal clear to see how you could benefit from such a system as not only the tattoo parlours standards increase, coupled with the introduction of certification, but customer’ s confidence will further strengthen which is going to be favourable for your business.

Good health and safety practices are incredibly essential to the success of a tattoo parlour as they can greatly benefit a business, meaning that they should be diligently observed at all times.

The introduction of hygiene rating is therefore a fantastic way to make sure that the public is well informed about the way tattoo parlours work and that they have nothing to be afraid of when it comes to getting inked in all its glory!

About author: Anna Barton is a problem solver. Coffee trailblazer. Passionate creator and an insurance professional.