Save money through lower premiums

#1 Save money through lower premiums

Many Australian’s are very busy with their careers and lives in general to consider worrying about how to save money on their insurance. In fact many people do not even think this is possible. A perfect example is accepting the cover listed on our personal insurance policy without ever asking any questions, just presuming that is the price you should pay and believing there is no way it could be possible to get a better deal.

The first and most obvious question we should always ask is, “Do I need all the cover is listed on this policy?” It may be that you do need every item insured but in many cases that will not be true. But unless you do something about it you clearly are paying for something you don’t need. All it takes is some prudent trimming which will result in the cost of your premium being reduced. This means a saving to you, more money in your pocket and a chance to use that money to further increase your wealth.

So what is your plan of attack? Well first you begin by listing all the items for which you ado insure as stated on your policy. Then against each item you write either YES or NO, this being the answer to the question, “Do I really need cover for this particular area?” You could, if uncertain, write MAYBE and then review that particular item in more detail at a later time. But for every item against which you have written NO, you contact the insurance company and advise them that you wish to remove certain parts of the policy. The insurer will want your business and will almost certainly agree to your request. They have a lower liability and so will accordingly lower their fee; in short you will pay less.

This is a simple way of making money remembering that your bottom line is determined by the net combination of your income and expenses. If you can increase your income, naturally you should have more disposable income. However, you can still increase your disposable income without an increase in your pay packet simply by reducing your expenses and by removing some of the items in your personal insurance cover policy you will reduce your costs. Fewer expenses equal a better bottom line.

It may be that you are uncertain about one or more of the items on your policy. Asking for advice from your insurer comes with a warning. It’s a bit like going to a car retailer and asking them about buying a new car. They will naturally try and sell you one of the vehicles in their showroom. So finding independent advice could be the way to go. Choosi helps people compare Life policies through comparing various companies across a range of products


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