Insurance

Insurance 101: How Much is It and How Do You Get It

Reading the previous articles, you should be able to understand why you should get insurance. Now the next question is, how do you get insurance? And how much does it really cost? Getting yourself insured isn’t as complicated as you think. We’ll even break down the steps for you.

Here’s a comprehensive guide on the average costs of different types of insurance in the US and the UK and the 5 steps you’ll need to follow to get insurance.

HOW MUCH IS INSURANCE?

The price of insurance varies depending on the type of insurance you’re getting. For now, we’ll discuss the 3 most common types of insurance and how much each of these cost on average in the US and the UK.

Average Cost of Life Insurance in the US

Per month, you’ll have to pay around $26 per month in the US. That is the average price. Some factors that can change this price includes your policy type, you as an applicant, and your insurer.

Average Cost of Life Insurance in the UK

In the UK, the average cost of life insurance per month varies from £30.40 to £15.85. How much you pay will depend on where you’re getting your insurance from.

Average Cost of Health Insurance in the US

On average, health insurance in the US costs around $456 for one person and $1,152 for a family per month. Though this sounds expensive, you have to remember the great benefits you’re able to reap. Health insurance can help prepare you for medical bills and give you better access to quality healthcare.

Average Cost of Health Insurance in the UK

In the UK, the average cost of health insurance is £1,435 per year. Though a lot of factors influence the cost, most people pay that much more or less.

Average Cost of Auto Insurance in the US

For car insurance, a 2021 rate analysis led by NerdWallet has concluded to an average cost of $1,592 per year in the US.

Average Cost of Auto Insurance in the UK

And the last one on this list is auto insurance in the UK. The average cost of an auto insurance premium is around £417.

HOW DO YOU GET INSURANCE?

Step 1: Do your research.

The first thing you have to do when you’re looking to get insurance is do your research. Look for great insurance companies you can trust and make a list of at least 5 different plans coming from different but all equally good insurance companies.

Step 2: Compare the information and choose the right coverage plan.

Compare each product on your list and think of the pros and cons of each. Narrow down your contenders and choose the right coverage plan for you.

Step 3: Contact the insurer.

And then, contact your chosen insurance company and start the process of getting insurance.

Step 4: Choose your beneficiaries.

Part of the application or signing up process is choosing your beneficiaries. Who gets paid? Who will benefit from your insurance? Usually, your beneficiaries are your spouses or children.

Step 5: Pay your premium and get insured!

Once everything’s set up and the paperwork is finished, all you have to do is pay the fee and start enjoying the benefits of the insurance you’ve worked hard to get.

THE TAKEAWAY

That’s how you get insured. As for the prices, it can change depending on the company, government agency, and other factors but, you should definitely check it out to get an idea of how much you’ll have to pay and add to your monthly expenses.

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