Cut Insurance Costs, Not Coverage

This article discusses ways you can cut your insurance costs without cutting your coverage. Most of us can agree that we would like to save more on our insurance costs but we don’t want to have to cut back on coverage that we might desperately need.

Too many people don’t have the life insurance that they need because of the cost involved. While Canadian life insurance and term life insurance is relatively affordable compared to other countries, it’s still difficult for some people, especially low income, to find a way to afford their coverage.

However, it’s also important to remember the costs involved in not having life insurance. The expense involved in your death, particularly an unexpected death can be a real travesty to your family.

Here are some suggested ways to cut insurance costs, without cutting your coverage:

1. Consider term life insurance to help you save. Typically, term life insurance will give you the most coverage for the least amount of money. With term life insurance, there is no investment or savings component but you can invest in other ways with the money you will save on term life insurance instead.
2. Avoid guaranteed policies that are not needed. If you are in good health, you don’t need to spend the extra money on guaranteed policies. Because they usually don’t require an exam, they are usually more expensive. If you know you can pass the medical exam, why pay extra?
3. Consider a joint policy when buying for two. If you and your spouse are both looking for a life insurance policy, a joint policy may save you some money. You can usually get a premium of 10-15% cheaper on a joint policy than two individual policies covering the same amount.

Life insurance or term life insurance is not the only way that you can save. Additionally you can save on other types of insurance as well such as auto insurance or health insurance. When you take the time to shop around, compare quotes, ask for discounts and take other steps, you can often find a cheaper rate than you had been offered before.