Sometimes, trying to juggle family needs and rising prices can be a little unbearable, especially with life’s uncertainties thrown into the mix. We all need various insurance policies, but having multiple premiums deducted from our accounts every month can feel like a waste.
Today, we are here to tell you that this doesn’t need to be the case. For instance, if you invest in one good life insurance policy, it is possible to tailor it so that it covers far more, eliminating the need for endless policies and saving you a small fortune.
Reducing Outgoing While Staying Covered
Our outgoings are something that seems to keep increasing throughout our lives. However, this sometimes happens because we are overlooking alternative solutions.
If you are investing in several insurance policies, we are about to show you how to massively reduce your premiums without compromising your coverage.
Why We Don’t Need a Handful of Separate Insurance Policies: The Power of Add-Ons and Inclusions
Basically, with so much competition and demand in the insurance sector, policies have become increasingly flexible and comprehensive in recent years.
Back in the day, a household would need to take out life insurance, property insurance, income protection, disability insurance, and much more.
Now, you can bundle these policies together with add-ons and inclusions. Furthermore, if your insurance provider doesn’t offer this, it’s time to ditch them and find someone who does.
Understanding Policy Types
Another way to reduce your monthly insurance premiums is by looking into policy types. For example, knowing the difference between indemnity and agreed value or stepped and level premiums can allow you to pay what suits you and will stop you from being over-insured.
How Often Should We Review and Amend Our Insurance Policies: A Quick Guide
Reviewing and amending our insurance policies is crucial to ensuring we are only paying what we need to and that our coverage amounts are always enough.
This is something that should be done whenever your life encounters a significant milestone, such as a change in employment, an investment in a new home, a marriage, or the birth of a child.
When these things happen, our financial obligations evolve, so it is essential to ensure our insurance policies remain up to date.
Are You Ready to Save a Pretty Penny?
If you would like to save a pretty penny on your monthly insurance premiums, the first thing you should do is take a look at your current policies.
If it isn’t clear, have a chat with your providers about bundling policies, and as we said, if they don’t allow it, find someone else.
A good provider will allow you to take a basic life insurance policy and add numerous add-ons and inclusions, let you pick your own benefit amounts, waiting periods, benefit periods, and more.
Additionally, they should always remain flexible, so you can review and amend them any time you see fit.