It’s too late looking for insurance when you need it!
Of course, none of us like to think about getting sick, injured, and especially dying. The reality is that accidents happen, so you need to be prepared.
If you’re smart enough to insure your car, then why have you not insured your life–especially if someone in your life depends on your income.
Some think they cannot afford insurance, but you can’t afford not to have it either.
When shopping for insurance there are five simple ways to help you reduce the premiums:
- Consider using superannuation to pay for premiums which may reduce impact from your cash flow. Most people do not consider or realise that super can be used to pay for Life Insurance, Total and Permanent Disability Insurance and Income protection.
- Stepped versus level premiums. The latter is calculated each year in line with your age; in the short term this tends to be the better option. Level premium may cost you more in the beginning, but it gives you the same premium payment for the life of the policy.
- Increase your waiting period on your income protection policy. The waiting period is the length of time that needs to pass before the insurance company pays you. For most income insurance policies the waiting period options vary from 14 days to 24 months.
- Reduce your benefit period on your income protection policy. Shorter benefit periods can drive your premiums down, but keep in mind benefits will continue only for specified conditions. Compare products and benefits. The internet makes this quick and easy. Do your research and pay attention to the details – your unique circumstances, and read the fine print!
Working out how all of things affect you can be complicated that’s why we have a free consultation offer to make things easier for you.