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Securing Your Health With Permanent Health Insurance

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Securing Your Health With Permanent Health Insurance

Securing Your Health With Permanent Health Insurance

Permanent Health Insurance acts as a regular source of income for keeping up one's living standard in the unfortunate event of long term illness or injury. However, the policy coverage is two thirds of yearly income and it does not provide coverage for such expenses that are incurred as a result of any accident or illness. The benefits from Permanent Health Insurance act as replacement income to the policyholder. Different factors are taken into considerations to determine the costs of Permanent Health Insurance.

Benefits from Permanent health Insurance

The policy benefits normally start after a period of 4, 13, 26 or 52 weeks. One keeps on getting the benefits till they are fit to begin their work, the terms of policy expires or dies, whichever occurs for the first time.

This type of insurance is known as permanent as the insurer cannot cancel the policy in spite of getting benefits for as many times as required. However, it must be remembered that permanent insurance policy normally expires as the holder of the policy reaches the age of 60 or 65 years. Also, the insurance companies are not going to write new policies if the applicants reaches an age that is within five years of these limiting ages.

There are some employers who provide permanent health insurance scheme to its employees. Some employers also provide group coverage to their employees without charging anything. However, the premiums in these cases will be cheaper compared to the same coverage that is bought independently.

Costs of Permanent Health Insurance

There are different factors that influence one's premium size. These factors are one's occupation, waiting period, payment period, and gender. Insurance companies in general consider four types of occupation grades. The class 1 consists of individuals working in the administration or professional occupations. These individuals are considered in the lowest risk. This type of policyholders pays the minimum premiums. The class 4 people are those working in heavy manual labour. These people are taken to be quite risky policyholders. High risk workers are denied insurance by most insurance companies. It is imperative to inform one's insurance company while switching jobs. This is because some companies can cancel coverage in this regard while others will keep on providing the coverage.

Having a long waiting period automatically means a lower premium. This is because the cost to the insurance company is lower with a long waiting period. It is wiser to select a waiting period that matches with the end of one's sick pay from the employer, which is normally 28 weeks. At the same time, it should be noted that opting for a longer period does not make sense if that brings greater financial hardship.

The payment period must be made shorter to make the premium cheaper. In regards to gender, it has been found that on average, a woman is found to suffer ill health more compared to a man in their working lives. Hence, premiums for women are higher in comparison to men of same occupation as well as age.

Finally, it is the non-smokers who are to pay fewer premiums.

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