Thursday, 18 April 2024
65 Macleod Street, Bairnsdale, VIC 3875 - P: (03) 5150 2300

Save money on insurance – what do you REALLY need?

Save money on insurance – what do you REALLY need?

We don’t need to tell you that the cost of living is rising, and insurance premiums are going along with it. Health insurance, home and contents insurance, life insurance; do we really need all of it? Need is subjective – but if you were left out in the lurch and out of pocket needing major surgery or home repairs, wouldn’t you rather have it than not?

With all that in mind, you can save money on your insurance policies and ensure your finances weather any economic storm. Here’s how to save money on insurance by following a few easy tips and tricks.

Getting the right balance of health insurance

If you think health insurance is too expensive, you may want to re-do your calculations. Can you afford to keep paying the Medicare Levy surcharge every year? If you want more value for money, it may be worth your while to look into health insurance. Hospital and extras insurance may have a range of inclusions, exclusions, excess options, and even ambulance coverage. You need to do a broad analysis of which premiums include what, and for what price. You also need to factor in the private health insurance rebate, which can further reduce your tax liability and increase your return every financial year. Make sure you scrutinise all the details, waiting periods, and other caveats health insurance may carry.

Life insurance and income protection

Though it sounds counterintuitive, life insurance is cheaper when you are at your healthiest. Life insurance premiums increase if you are in poor health, a smoker, or have a chronic disease. You also need to determine your level of coverage. Consider dependents, partners, and asset finance, such as a mortgage. $100,000 may be too little, but $2 million may be overkill. Also consider total and permanent disability insurance and income protection insurance – these may serve you well during uncertain times. To learn more about life insurance quotes, click here.

Home and contents insurance

Home and contents insurance premiums have climbed higher and higher over the last two years; but you can still find good deals on home insurance by doing an audit of your contents to get an accurate dollar amount of their worth – sometimes households overinsure their contents which leads to higher priced insurance. Other ideas are to install alarms or safety features in your home, which can often reduce premiums, or raise your excess. Remember: you’ll need to come up with more money in the event that you claim, so do a cost/benefit analysis before raising your excess to unaffordable levels.
Don’t underinsure – but insure wisely
With all this in mind, don’t underinsure yourself, your property, and your wellbeing. If you’re underinsured, you may as well not be insured at all. You’ll not only be paying for premiums every year, but you’ll be also left WORSE off as you’ll have to cover any shortfalls in claim payouts, if you’re paid out at all.

Remember to talk to an insurance broker or financial adviser if you ever have any questions.

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Bairnsdale Advertiser

65 Macleod Street
PO Box 465
Bairnsdale, VIC 3875

P: (03) 5150 2300
F: (03) 5152 6257

Publication Day: Wednesday
Circulation: 6,450

Yeates Media

Cnr Macleod & Bailey Streets
PO Box 465
Bairnsdale, VIC 3875

P: (03) 5150 2300
F: (03) 5152 6257