Our Articles

Saving Money on your Insurance Premiums

February 25, 2015

Having come back from our Christmas holidays and faced with the additional costs of starting a New Year this is an opportune time to look at your household expenses. One key household expense is our insurances. We all need insurance and we should ensure we are maximising the benefits of the premiums we are paying.

Insurances are loosely group into two categories – life, disability and health is one category and house, contents and vehicle cover is the other category.To potentially save money on your life, disability and health insurance premiums you could look at the following five options:

  1. Have all your policies with one insurance company.Each company applies a policy(administration) fee.Being with one company means you only pay one fee.
  2. Apply an excess to your health insurance. Excesses range from $250 - $6000. A $300 excess equates to a 15% premium saving.
  3. Look to link your life, trauma and permanent disablement benefits together. Having a linked policy (accelerated benefit) is cheaper than a standalone benefits.
  4. Implement a longer wait (stand down) period to your Income Protection policy. Extending the wait period from 4 to 13 weeks could reduce your premium by 50%.
  5. Get quotes from various companies to compare with your current premium.