How to spend less on insurance – but get better cover

My mentor Dr Fred Grosse says we should review all our expenses every year and reduce them by 10%. One tip is to check your telco contracts.

Another good way to reduce your outgoings is to review any insurance policies you have. 

This can be a fantastic way to dial back cover you no longer need, put more appropriate cover in place, and perhaps save money on premiums. 

A free review that could leave you better off.

As advisers we’re required by law to ensure our clients have cover that’s appropriate. However, we often find people are reluctant to come in for a review because they think we’ll try to sell them more insurance. 

Nothing could be further from the truth.

Instead, we will look at the cover you have, and see whether it still suits your circumstances. For instance, we often find people who have paid off their mortgage but are still paying for life cover that could easily be reduced now they no longer need to service a loan. At the same time, they may be reaching an age where a good health policy would be money well spent.

This is just one example. The point is that insurance should never be ‘set and forget.’ It should be reviewed regularly to check if you have the cover you need, and whether you’d be better off with a different mix of policies. 

The first step is easy. Make it your new year’s resolution to get in touch, and we’ll go through your insurances one on one.

If you’d like to review any of your personal insurance policies, we’re always here to talk. Get in touch now.