Who Loves to Pay for Insurance?
Hmm……”Insurance” is not my favorite word. I’m sure you’ll agree too, unless you’re an owner or a shareholder of an insurance company!
Whether we like it or not, insurance cover of all types – house, car, life, medical, pet and the like, are sadly needed, even though it is a severe drain on our wallets.
I’m always looking for easy ways to save money 🙂 Having saved $246 on our house insurance, it led my spouse and me to target our life insurance, because it was the next best easy thing to save big.
Combat Ever-rising Premiums
Do you get nasty surprises in your mail or email, such as increased premiums from your life insurers?
It happens to me every year, with sickening regularity 🙁 Being loyal customers doesn’t pay these days, as we end up paying through our noses! Because we’re taken for granted!
Why pay more and more with each passing year for being a devoted customer? Enough is enough! The solution?
You guessed it. Phone calls to competitors and visits to their websites or comparison quote sites.
Shop Smart for the Best Deals
So, how did we save?
My spouse checked out 6 to 7 insurance companies. He got online quotes from some of them.
One of the companies took 2 weeks to send us a written quote. But by then, we had already made the decision to join the most attractive one.
It took about three and a half hours to get quotes from different insurance companies, but we saved $360.10!
There was a little catch. We had to spend a little bit extra. The new policy costs $2.43 more per fortnight.
But if we are paying more, how in the world do we save more then?
The reason: the new insurance company offered a 25% discount, which was less $353.28. Also, a $70 grocery voucher was thrown in as a sweetener as well.
So, the discount and grocery voucher amounted to $423.28.
For those of you who love numbers. Take a look at the table below.
Here are the calculations for the same sum insured:
Yes! $360.10 more in the pocket!
We were rewarded with all these ‘goodies’ for becoming a new customer.
So, even if it costs a little more each fortnight, we actually saved more in the end because of these wonderful incentives.
An Unexpected Bonus 🙂
We received another $70 grocery voucher in the mail because the insurance company made a mistake and sent another!
My spouse emailed to inform them of their mistake and asked how we could return it.
They on their part were gracious and very generous – they told us we could keep the extra $70 gift voucher! I didn’t include this in the above calculations though, as it wasn’t part of the deal.
Easy Action Steps to Save on Life Insurance (or other insurance):
1. Access J D Power ratings of life insurers to select reputable insurers *
2. Contact at least 3 life insurance providers, use a broker, or visit online comparison sites.
3. Get quotes from them, keeping the sum insured the same.
4. Ask for discounts, vouchers and/or other specials.
5. Choose the best deal and smile at your $$$ saving 🙂
* Policy Genius also rates life insurers and has online advice on life insurance for different folks e.g. millennials, baby boomers, military personnel and even scuba divers.
Thanks so much for reading.
Share this with others so they’ll save money too!
Keeping in mind our motto: Know more, have more.
Do you have life insurance? Why or why not?
How do you save on your life insurance? Have you come across insurance companies that offer sweet deals?
I’d really like to know what you think. Do share in the comment section below.