Insurance premiums going up? Here’s what to do

Inflation is driving up a lot of prices these days. Insurance is no exception.

I regularly hear from clients who are suffering ‘insurance bill shock’ and wondering what they can do. Should they stop spending money on cover?

Here’s what I advise.

Look at the swings and roundabouts

You probably have a number of policies – for health, life, trauma, income protection, and so on. If your health premiums have gone up, perhaps you can reduce your life cover? The savings can balance out the health insurance price rise.

This is a logical move for many people because their needs have changed over a decade or two. Maybe their kids have left home, or the mortgage has now been paid off. They’re more financially secure, so they don’t need the same amount of life or income protection cover.

At the same time, their health may be coming into focus. Innovative treatments and drugs give you more options as your likelihood of illness increases. So think very hard before you give up this cover.

We’re happy to help you review your policies at any time. If the last letter from your insurer contains unwelcome news about a price rise, don’t panic and delete your cover. Ask us to help you rebalance your total portfolio.

There’s no charge for this and I’m not looking to sell you any more policies. I’m always happy to help you reduce premiums, so they match your budget and risk factors. Just ask.

If you'd like to review any of your personal insurance policies, we're always here to talk.