In these times of financial crises, we should all learn how to save up our resources. This practice includes considering insurance as a potential resource rather than treating it simply as an investment. You should also try to maximize the benefit that you get out of your insurance policy. Here are ten tips for saving money on insurance.
- Pay premiums annually. Paying your premiums monthly or quarterly is a valid option but going for annual payments gets you a substantial discount. It may seem like a minor change but in the long run, you’ll be paying a lot less.
- Be at your peak health when you go to the medical exam the insurance companies require you to take. When you have to provide a stool examination, for example, make sure that you have been eating properly and exercising as necessary. It also a great benefit if you continue with this process even after the exam ends. And if possible, avoid smoking, drinking, and other unhealthy vices.
- Buy the insurance policy you can afford in the long term. How to save on life insurance also involves not missing your payments so that your insurance isn’t wasted. Some studies show that over 90% of insurance policies have already lapsed before the end of the term. When you determine what kind of life insurance you need try to get as many quotes as possible.
- Compare and contrast insurance policies. Don’t just settle for the first insurance policy that comes knocking at your door. Make sure that you shop around and look for the policy that best fits your need and your lifestyle.
- Look for the best insurance agent. Well, not exactly the best, but at least an insurance agent you can trust with your life. Ask him questions that have been bothering you, the benefits and him for tips for saving money on insurance.
- Stay in control. There are lots of insurance companies who will give orders on what you should do. Keep the advantage on your side by pressuring your agent and being the one in charge. After all, this is your money and in the long run, it’s you who’ll benefit from this.
- Remove unnecessary elements from your insurance policy. Here are some life insurance policies that need to go out the door: flight insurance, mortgage, and life insurance of your child.
Make sure you study the ways on how to save money on life insurance before getting a policy of your own.