Tuesday, September 24, 2013

The Insurance Lottery

How often do you pick up the phone from your friendly, neighborhood insurance agent and receive good news?

I used to avoid answering those calls altogether because I felt that I was going to be on the other end of a sales pitch. At one time, that is exactly what happened. 

I listened to two of those sales pitches and then my insurance agent must have tagged my file 'DO NOT SOLICIT' because if she calls me now, it is because something needs immediate attention.

My term insurance just expired so last month I went through the renewal process before my premiums automatically rolled over into a much higher rate. If I went through the reapplication process and updated my medical history I could save a small fortune in monthly premiums.

I had just had my annual check-up and I was pleased to report that the absolutely only health issue that I had was sore thumbs. I am 52 years old and I have sore thumbs (and sore feet if I wear the wrong shoes). Any and all other health questions that I had in the past had been investigated and I have been deemed with a clean bill of health.

It is a wonderful, wonderful thing to simply feel ... good. I wake up in the morning and I pretty much know what to expect. My body parts all work and get me where I want to go. I have no mysterious aches and pains that worry me. I simply feel the way that I expect to feel and have felt for most of my life.

Do I appreciate how fortunate I am? Beyond words. People all around me have health concerns that affect their day-to-day life. 

I know that what I have is a gift. But what I didn't know is that this gift would save me money.

My insurance agent called me yesterday to congratulate me on qualifying for the insurance premium that she had quoted me. Then she told me since my health was above average for my age, I qualified for the 'super-healthy' discounted premium. My monthly premium would be $11.70 less than she quoted me. 

I felt like I had won the best lottery that life has to offer. Not only would I save a little bit of money each month, but I was officially dubbed with the terminology of 'above average health' several years after my 50th birthday.

She asked me if I would like to increase my insurance coverage by $50,000 and still save $5 per month from the premium that she originally quoted. I told her that I had no intention of 'winning' the insurance lottery by checking out early so I would keep my $11.70 per month and enjoy it now instead.

If I save that $11.70 in monthly savings over the course of my ten year term, I will amass $1,404.00. Or that would pretty much cover one take-out-meal-for-two at Burger King. Or several cups of coffee.

No matter which way I look at it, $11.70 in the hand is better than a bonus $50,000 in an estate. I don't know any better way to win at this insurance game.

No comments:

Post a Comment