No one really likes paying insurance premiums but you have to. This is because life is so unpredictable and you can’t tell when a risk will strike. Though you may not benefit from the insurance money, it’s better to be safe than sorry. However, this doesn’t mean that you have to pay high premiums when there’s a way to save. You can still cover your car, home, and health without spending a fortune.
Here are a few tips that you can always leverage:
1. Take Up a Finance Insurance Program
There are so many things that you can learn from finance insurance training. Some of the topics that you may cover include:
• Insurance Fundamentals
• Finance Fundamentals
• Financial Reporting
These topics are meant to help you understand the basics of insurance finance from a client’s perspective. This will make you a better financial planner in the end.
2. The Power of Comparison
Whether it is auto insurance, life insurance or health insurance, there are different covers offered by different insurance companies. They differ in terms of premiums. Endeavor to compare the policies so that you can only buy what’s affordable to you.
3. File Claims When it’s Necessary
You don’t have to make a claim just because you want to enjoy a fraction of your contribution. The moment you do it, the insurance company gets the motive to increase your premiums. So, you should only file it when it’s necessary.
4. Hunt for Discounts
So many insurance companies offer discounts to customers who take up multiple policies. A bigger percentage of insurance companies are also starting to offer discounts to customers who are embracing the paperless craze—customers who are willing to make premium payments electronically instead of cash or using cheque. All these are easy way to save big. Therefore, instead of just buying an insurance policy for yourself, you can include your family and employees.
5. Take Advantage of High Deductibles
Deductibles refer to the out-of-pocket money that pays for a cost that’s covered by an insurance policy before the insurance company can compensate you. In most cases, the higher the deductibles, the smaller the premiums that you pay. This is because most insurance companies assume that you are less likely to file a claim when you pay high deductibles.
Generally, the secret to saving on insurance premiums is to know when to pay up for insurance and when not to. Hopefully, the above tips will help you achieve this. In the long run, you’ll be able to work towards your financial goals—assuming that saving is one of them, learn more at finance insurance training.
