Cover for emergencies as diverse as car accidents, injuries or flood damage is something no-one can do without. However, the cost of insurance premiums is a problem many people have when trying to get the best possible policy for their money. Life insurance in particular can cost a lot, but reducing your premium is possible.
Here are six ways in which you can reduce your premium without having to compromise on the level of cover:
If, for example, you want to take out life insurance, the healthier you are, the less likely you will need to receive a pay-out. Getting into shape by losing weight or kicking habits like smoking adds years on your life and reduces the risk of premature death or illness.
Make annual payments
It’s not the way most people pay their premiums, but if you pay one lump sum for the cost of your cover a year, you save a little if your insurance provider offers discounts.
Get covered after reviewing your spending
Before taking out a policy, you should consider how much you spend on everything else and then work out what you can and can’t afford in terms of cover. Also, only get what you need.
Review then renew
Towards the end of the first year of your policy, your insurance is up for renewal. You should know when that point comes and look for other deals before deciding whether to stay or go. With any type of insurance the best way to find the best policy for yourself is to compare insurance policies with a site like Choosi, especially if you want to save money.
The earlier, the better
If you take out a policy at a young age, you could save money by being offered ‘standard’ rates – the cheapest available. By paying regularly, you’ll be covered in most circumstances.
Alongside your basic policy, you could get extras including permanent disability insurance in case. Some insurers offer such extras for discounted prices.