Whether we like it or not, insurance cover is here to stay. No matter what insurance cover you need – whether it’s for your house, your car, your pet, your health or even your life, they are part and parcel of our lives, despite being a severe drain on our wallets.
But take heart, I’m going to share with you how I saved hundreds on insurance by using these 5 simple steps.
Saving money on insurance is one of the easiest ways to trim costs and improve our finances.
Having saved $246 on our house insurance, it led our family 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 morein 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.
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