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Premiums
Your monthly premium is the amount you pay for your insurance. Premiums are a commodity and are the same for each of us (BEFORE UNDERWRITING). There are no discounts for anyone. The playing field is level and fair. When the premiums vary and they do it is because they vary by company, and company’s rate up the premium based on individual health issues.
It doesn’t matter if you buy your insurance from the insurance company directly, from an agent of the company, online, or from an Independent Insurance Broker the premiums are the same for everyone before underwriting and rate ups. Some people think if they buy the insurance directly from the company it will be cheaper versus buying it from an Independent Broker. The price is the same for everyone and it is controlled by law to prevent pricing scams.
You must find a good insurance broker who will isolate the best value in the marketplace for you. Since premiums do vary by company, as well as their procedure on how to arrive at "a final premium" ... it is in your best interest to learn why there are BETTER values versus BAD values or premiums. All of the major insurance companies are good. They all pay the bill or "deliver" the all important contracted rates. For this reason you should not over pay for your insurance. There is NO benefit!
Each company has their strengths and weakness as it pertains to their premiums. For example some are overpriced for women, infants, people between 50 and 64 years of age, and on and on. The key point here is for your insurance broker, who does not cost you a "dime" ... to advise and educate you on where the best value is for YOU! Some insurance companies are great values with a higher deductible, but not a great value as the deductible is reduced. Some are great values for families of three, but not for families of four or more. As you can see there are many nuances that need to be known, understood, and ultimately executed, OR you will WASTE money ... plain and simple.
We feel there is just NO reason to over pay. "CHEAP" does NOT always mean a "good value". In other words, why save a few dollars a month on premium ... only to expose yourself to greater financial risk if a health issue crops up? Example: would be buying a $10,000 deductible policy because the premium is so low, but you don’t have the resources to cover the $10,000 deductible if something major happened. Some people are good savers and others are not and some people need to have things built into their monthly premium to cover the major events. That’s why some people have to include their taxes in their monthly mortgage payment because they know they won’t save it and have it by the end of the year when their taxes are due. So, it might be wise to pay an extra $100 a month in premium to lower your deductible to a level you can cover if something major happened.
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