123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Technology,-Gadget-and-Science >> View Article

5 Tips To Reduce Your Insurance Expenses

Profile Picture
By Author: Rayford Marks
Total Articles: 193
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Life insurance is ideal for someone who is the sole income earner in the family, and who also has debts. Despite insurance rates plummeting in the last few years, it is still quite affordable and one of the best options to safeguard the financial future of your loved ones after your demise. Nevertheless, you should research the different policies to choose from keeping your present and future financial needs in mind.

The following 5 tips will help you save money when buying the insurance policies:

1. Find a more affordable package: If you already have an old insurance policy, check to see if it would be more economical to make a switch. You can make quick price comparisons by completing and submitting the form available on the site. You will automatically receive the best quotes from the insurance provider, or you might get a call from a various financial advisors. Make the comparisons carefully before making your choice.
2. Buy only what you need: As a rule of thumb, insure yourself at least 7-10 times of your salary. However, if your employer has death-in-service benefits, you can reduce your coverage, because this benefit provides almost four times the amount of your yearly salary. If you have other policies such as mortgage, or endowment, check if there is an insurance cover with it.
3. Consider which life insurance policy you might require: One of the simplest types of life insurance is basic level-term. In the event of your death, this policy type will give out a fixed amount during the term of the policy. Other types of life insurance policies are decreasing term insurance, increasing term insurance, and level term insurance. The most expensive policy is whole life insurance. This policy will give a lump sum to your family after your demise. This is also the most complicated type of policy, so be sure you understand how this policy works before investing in it. When purchasing policies, it is better to buy single policies versus a joint policy with your significant other. The cost is the same, but you will get two payouts, even with just one death.
4. Do you really need all those add ones: While buying a life insurance policy, you may be offered add ones such as critical illness. This will give you a pay out in the event that you are diagnosed with a terminal illness. Even though it may be more affordable to add it onto your life insurance policy, the cost still adds up. Other add on include adding a child to your life policy, and “waiver of premiums”.
5. Timely premium payment: Check to see if you will get a discount if your premiums are paid annually instead of monthly. You may need to read the fine print to get this information.

Getting life insurance may seem like a daunting and expensive investment, but it is one that will save your family from unnecessary financial grief.

life cover

Total Views: 389Word Count: 494See All articles From Author

Add Comment

Technology, Gadget and Science Articles

1. Astpp Is The Only Open Source Smart Voip Solution
Author: Rogers Jack

2. Improve Organizational Productivity With Gamification
Author: Katalyst Technologies Inc

3. Comparing Edm 790 And Edm 900 Systems
Author: Joseph Polizzotto

4. Questions That You Need To Ask The Service Provider About Pos Billing Software
Author: Sukriti Sinha

5. What Do You Think Of Robotics As A Field Of Study?
Author: Ankur Anand

6. How To Co-ordinate With Mobile Application Developers
Author: Soumya Banerjee

7. Want To Drive Growth? One Thing That Can Help You Is Managed File Transfer
Author: Lisa Brown

8. Unlock Business Success With Clothing Design Software
Author: Johny Peter

9. Free Delivery Route Planner App Has Made Route Optimization Look Easier!
Author: John Pearson

10. Best Laptops Under 200 And 300 Dollars
Author: amockelly489

11. Which Is The Best Training Centre For Data Science?
Author: GRras-jaipur

12. Why Does My Business Need Human Resources Management System?
Author: Abdul Ali

13. Cctv Camera Installation For Home Surveillance And Safety
Author: Rachael Jones

14. Fiber Optic Patch Cable Pc, Apc Or Upc
Author: HYC Co Ltd

15. Ios Application Development Company In Noida India
Author: Natasha Verma

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: