There are several ways to buy both life and medical insurance. First you should know the types of each that best satisfies your needs. For example, you can choose ordinary life insurance that will build cash values, or less expensive term insurance that covers a specific length of time. Regarding medical insurance, you can decide between less expensive managed care insurance or so-called "fee for service" coverage that will pay regardless of what physician you see. Then you must choose from whom you will buy this coverage. Here are your options.
Instructions
1. Buy both your life and health insurance where you work. Many employers offer their employees both types of insurance, and frequently they will help pay for that coverage. If your employer offers different kinds of coverage at different prices, choose them carefully. For instance, they may offer you a Health Maintenance Organization (HMO), which will be less expensive, but you most likely will give up the choice of physician. That coverage is appropriate if you are young and in good health. But if you are older and have been seeing the same physician for a long time, more expensive indemnity coverage may be a good choice. Regarding life insurance, many companies offer it based on how much you earn, and will not exceed that amount. For that reason, you should supplement your life insurance in another way.
2. Buy life and health insurance from someone who represents a company in those industries. This avenue is for people whose employer doesn't offer this coverage, who are working for themselves, or who want coverage that is beyond what they are offered by their employers. In many ways, a professional insurance person may take the process to a step beyond what your employer may offer. If you are in the hands of a professional, he will provide you will a game plan before you purchase anything, and he will periodically update your coverage and make recommendations on how it can be improved.
3. Shop online. And after you have chosen the right plans for you, you can purchase them without leaving your chair. Some insurance websites are sponsored by specific companies and their websites lay out all their products. Other websites act as brokers and may represent many companies. An example of each type can be found under Additional Resources below. In most cases, those websites have applications for the various types of insurance that are easy to complete. When life insurance is involved, the website will even arrange for an in-home physical examination which, of course, the life insurance company pays for.
4. Buy your life and health insurance from a solicitation you receive either in the mail or by telephone. There are many companies that offer these products nowhere else. In some cases, you may be overwhelmed by the glitz of the piece, or the glibness of the salesperson, but when you look at it further, you may realize that it is more expensive than those products you can buy elsewhere. Other times, their business models contain real savings since the companies do not spend heavily on marketing. Before you sign on the dotted line, make sure you compare both the cost and the terms of the coverage.
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