The first reaction to such a heading is what’s the catch? Well simply there isn’t because using a little common sense and knowing all the facts can result in you saving a lot of money over a period of time. The thing to understand is that as far as life insurance goes, one size does not fit all. Insurers know this and that’s why they offer flexibility with their policies. To start with, take something simple.
How do you pay your premiums? I mean monthly or every six months or even annually. Is there a difference in what you pay depending on when you pay? Ask your insurer because if there is a significant saving to be made, choose the payment option which keeps more of your own money in your pocket.
Simple research reveals this important fact
If you take the time to investigate the many aspects of life insurance or health insurance. You’ll discover that one basic difference occurs between whole of life and term insurance. The cover is different certainly in terms of the age or length of the policy but so too is the premium. You need to weigh up your financial needs and responsibilities but cover is cover and by choosing one type of cover over another you may well save significantly on your premium outlay.
And if you opt for a term policy, when it expires and it’s time to renew, check to see if the things you were responsible for all those years ago still apply today. If you no longer have a dependent child or children to care for, to put through university or trade school, then you can adjust your new policy, reduce your premiums and still have excellent life cover but with more money in your pocket.
Then there are very basic things which reduce premiums and here we’re talking about your health and lifestyle. Anyone who has applied for life cover will know that one of the questions asked is about smoking. Smokers pay a higher premium. So too do people who are obese. Too much alcohol is certainly not good for your body; everything in moderation as they say. If you want to live longer then adopting a healthy lifestyle is one highly recommended way. And, as a side benefit, your insurance premiums will go the same way as your reduced weight - down.
As silly as it sounds, different insurers offer different policies. Have you checked out what else is on offer? It may turn out you have the best policy at the best price. But what if you don’t? You are entitled to switch insurers because if you can get the right cover at a cheaper premium, all you’re doing is saving money.
You could remove certain options you have to your policy which in turn won’t touch your basic cover but will reduce your overall premium. It’s just another way to save money. All you need to do is investigate and compare private health policy options. Look into your cover and see how you can easily reduce the cost of your cover and thus save money.